The opportunity cost of attending a university for a year is measured by:
a. the tuition fees incurred
b. the size of the student loans the student becomes responsible for.
c. the sum of all expenditures on rent, food, books, and tuition incurred during the school year.
d. the value of the best opportunity or opportunities foregone in order to enroll for the year.
d
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In the economy of Euphoria, 400 people have jobs, 200 people are not working but are searching for work, and 100 people don't work and don't seek work. The unemployment rate is
A) 20 percent. B) 25 percent. C) 33 percent. D) 50 percent. E) none of the above.
In the above figure, if the market produces the efficient amount of purses then producer surplus equals
A) triangle bcd. B) triangle adc. C) rectangle bcde. D) trapezoid adec.
Orange juice and grapefruit juice are likely to be
A. inferior goods. B. substitutes for one another. C. complementary to one another. D. all of the above.
A primary function of a central bank is to
A) regulate dividend payments by corporations. B) act as a regulator of banks. C) control the bond market. D) publish statistics on banking and related financial matters.`