Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later he quits football to make movies for $3 million a year. His opportunity cost at graduation was and eight years later was
A) $50,000; $2 million
B) $2 million; $2 million
C) $2 million; $3 million
D) $50,000; $50,000
A) $50,000; $2 million
You might also like to view...
A rightward (an outward) shift of a nation's production possibilities curve could be caused by:
a. a decrease in technology. b. an increase in resources. c. producing more consumer and fewer capital goods. d. a decline in the labor force's level of education and skills.
Which of the following words best reflects the initial attitude of less-developed countries toward GATT?
a. grateful, because it provided them with subsidies b. proud, because it recognized the special status they had in world trade c. unknowing, because it started out as a secret organization d. annoyed, because they saw it as a rich man's club e. terrified, because it seemed as if it was designed to reimpose colonialism
Arrow's impossibility theorem proves that a. no voting system can satisfy several preferable properties at the same time
b. politicians will never be able to satisfy the median voter. c. politicians will never be able to act fully in the best interests of the public good. d. no voting system will ever depend on the median voter.
Refer to the graphs above. Which of the following best represents a positive demand shock when prices are flexible?
A.
The shift from D2 to D3 in graph B
B.
The shift from D2 to D3 in graph A
C.
The shift from D2 to D1 in graph B
D.
The shift from D2 to D1 in graph A