As the term "opportunity cost" is defined in the text, the opportunity cost of going to college includes
a. both tuition and the value of the student's time.
b. tuition but not the value of the student's time, which is a cash cost.
c. the value of the student's time but not tuition, which is a monetary cost.
d. neither tuition nor the value of the student's time, since obtaining a college degree makes one's income higher in the future.
e. neither tuition nor the value of the student's time, at least at subsidized state universities.
a
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The quantity of U.S. dollars supplied in the foreign exchange market is
A) the same as the quantity of for U.S. dollars demanded. B) negatively related to the exchange rate. C) fixed at any given exchange rate. D) unrelated to the exchange rate. E) positively related to the exchange rate.
How do exchanges seek to reduce default risk in the futures market?
What will be an ideal response?
Price floors are introduced to:
(a) Help suppliers as they know that the maximum price they will receive for their output is above equilibrium. (b) Help suppliers as they know that the minimum price they will receive for their output is above equilibrium. (c) Help consumers to ensure that they are not exploited by producers and allow them to purchase at a price lower than equilibrium. (d) Prevent inflation within the market.
?Kites /hourSnowboards /hourJesse81April123
Based on the data in Table 18.1, if Jesse and April choose to specialize and trade, then:
A. April will specialize in painting kites and trade kites for snowboards. B. April will specialize in painting snowboards and trade snowboards for kites. C. Jesse will specialize in painting snowboards and trade snowboards for kites. D. None of these; specialization and trade are not beneficial for Jesse and April.