You decided to take a college accounting course to brush up on your knowledge of the language of business. The tuition expense was $500. After the date has expired to receive a refund for the course, you are offered a job that would conflict with your class time. In making the decision to accept or decline the offer, the $500 is:
A. a sunk cost.
B. a sunk benefit.
C. the opportunity cost of the job.
D. the expected gain in pay from taking the accounting course.
Answer: A
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According to the idea of consumer sovereignty, what will happen in the market for widgets if consumers decide they no longer desire widgets?
What will be an ideal response?
A closer relationship exists between GDP and nonresidential investment than between business profits and investment spending
Indicate whether the statement is true or false
If Bart has budget constraint A in the graph shown, what would cause his budget constraint to shift to B?
This graph shows three different budget constraints: A, B, and C.
A. Bart's income has decreased.
B. The price of soda has increased.
C. The price of soda has decreased.
D. The price of milk has increased.
During recessions, GDP falls and unemployment increases. Why might the actual output produced not fall as much as officially measured GDP during recessions?
a. There is an increase in involuntary part-time employment during recessions, the output from which is not accounted for in GDP b. Workers who became unemployed during the recession may produce goods in the underground economy c. Unemployment benefits to laid off workers are included in GDP d. Laid off workers may start their own businesses, but profit income from self-employment is not accounted for in GDP e. Unemployed workers have more leisure time to enjoy.