Why does the opportunity cost of your college education include money you could have earned working instead of going to college?
A. Because most people who don't go to college do not work.
B. Because the best alternative use of your time is working.
C. Because people should be productive members of society.
D. Because working a full time job takes as much time as going to college.
Answer: B
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Since firms within a monopolistically competitive industry set output where marginal revenue is equal to marginal cost, the size of the fixed entry cost does not impact the equilibrium price.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A) The marginal entrant in a market earns the highest profit. B) The marginal entrant has the lowest cost among all firms in the market. C) Difference in technology and experience can lead to firms having non-identical costs even under perfect competition. D) In a market that has identical cost structures for all firms, there is possibility of positive economic profits in both the short run and the long run.
Marginal revenue product is defined as the
a. change in total output that results from the employment of an additional unit of a resource b. change in total product that results from the employment of an additional unit of a resource c. change in total revenue that results from the employment of an additional unit of a resource d. change in resource employment that results from a change in total output e. change in marginal revenue that results from a change in the employment of an additional unit of a resource