Which of the following is likely to be excluded while calculating the opportunity cost of attending university?
a. The cost of haircuts received during the school term
b. The income from a part-time job that is forgone in order to attend classes
c. Tuition fees paid during the school term
d. The cost of required textbooks
a
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Managerial economics refers to the application of microeconomics to business decision making
Indicate whether the statement is true or false
Assume X is an inferior good. If the incomes of people who buy X increase, demand for X will increase as well, but by a smaller percentage than the increase in income
Indicate whether the statement is true or false
Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3Refer to Figure 4.3. If the government will not allow retailers to charge less than $0.50 for a pencil, which of the following will happen?
A. Demand must eventually increase so that the market will come into equilibrium at a price of $0.50. B. Retailers will have an excess supply of pencils. C. The market will be in equilibrium at a price of $0.50. D. Supply must eventually decrease so that the market will come into equilibrium at a price of $0.50.
The percentage of the population in the two lower income classes (defined by Pew as having less than 67% of median family income)
A. remained constant at 60% from the 1970s to 2015. B. declined from more than 60% in the 1970s to 50% in 2015. C. declined from more than 60% in the 1970s to 20% in 2015. D. increased from the 1970s to 2015.