Suppose after graduating from college you get a job working at a bank earning $30,000 per year. After two years of working at the bank earning the same salary, you have an opportunity to enroll in a one-year graduate program that would require you to quit your job at the bank. Which of the following should not be included in a calculation of your opportunity cost?
a. the cost of tuition and books to attend the graduate program
b. the $30,000 salary that you could have earned if you retained your job at the bank
c. the $45,000 salary that you will be able to earn after having completed your graduate program
d. the value of insurance coverage and other employee benefits you would have received if you retained your job at the bank
c
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An optimal level of output is one at which marginal profit > 0.
Answer the following statement true (T) or false (F)
Use the above table. The income elasticity of jam is
A) -0.33. B) 0.33. C) 3.00. D) -3.00.
Lower than expected inflation rate: a. shifts short-run Phillips curve to the right
b. shifts short-run Phillips curve to the left. c. shifts both short-run and long-run Phillips curve to the right. d. shifts both short-run and long-run Phillips curve to the left.
Which of the following is the correct way to calculate marginal utility per dollar?
a. Total utility/price b. Change in total utility/price c. Marginal utility/price d. Quantity/price