There is a paradox that water has a high marginal utility, yet we value it little, while diamonds have a low marginal utility, while we value them highly
Indicate whether the statement is true or false
F
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Most students attending college pay tuition and are unable to hold a full-time job. For these students, tuition is
A) part of the opportunity cost of going to college. So are their forgone earnings from not holding a full-time job. B) part of the opportunity cost of going to college. Their forgone earnings from not holding a full-time job are not part of the opportunity cost of attending college. C) not part of the opportunity cost of going to college, but their forgone earnings from not holding a full-time job are part of the opportunity cost of attending college. D) not part of the opportunity cost of going to college. Neither are their forgone earnings from not holding a full-time job.
The three components of personal consumption expenditures are:
a. durable goods, nondurable goods, and services. b. durable goods, food, and housing. c. durable goods, nondurable goods, and housing. d. durable goods, services, and food. e. durable goods, services, and transportation.
Market failure can be caused by
a. low consumer demand. b. equilibrium prices. c. externalities and market power. d. high prices and foreign competition.
What is the source of the supply of loanable funds?