The opportunity cost of going to college for a student receiving a scholarship
A) is the income that she would have earned if she did not go to college.
B) is the risk of dropping out.
C) is the food and living expenses that she has to purchase while in college.
D) is zero because she does not have to pay tuition.
A
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A major distinction between a monopolistically competitive firm and an oligopolistic firm is that
A. one is a price taker and the other is a price maker. B. one necessarily faces a downward-sloping demand curve and the other a horizontal demand curve. C. one always produces differentiated products and the other always produces a homogeneous product. D. a recognized interdependence exists between firms in one industry but not in the other.
With its goal of price stability, the Fed attempts to
A) keep the inflation rate from falling below 5% and rising above 10%. B) maintain an inflation rate of zero. C) achieve a low, stable inflation rate. D) counteract periods of inflation with periods of deflation.
In the language of economics, the environment is considered a ___________, a good we have to protect
a. Personal good b. Community good c. Natural good d. Aggregate good
A black market is a market in which
A) goods are traded at prices above their legal maximum prices. B) sales taxes are effectively doubled. C) goods are sold at outlet prices. D) sales take place exclusively at outlet prices.