One opportunity cost associated with going to college is
A) purchasing text books.
B) paying tuition.
C) giving up employment possibilities while in college.
D) paying for room, board, and other living expenses.
C
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A physician's knowledge and skills are referred to by economists as
a. human capital b. labor c. physical capital d. entrepreneurship e. intellectual raw materials
Jenna is searching for a job that suits her tastes about where to live. Mary is looking for a job that makes best use of her skills
a. Jenna and Mary are both frictionally unemployed. b. Jenna and Mary are both structurally unemployed. c. Jenna is frictionally unemployed, and Mary is structurally unemployed. d. Jenna is structurally unemployed, and Mary is frictionally unemployed.
Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the supply of labor, a major new discovery of oil, and new environmental regulations that raise the cost of electricity production. In the short run
a. the price level will rise and real GDP will fall. b. the price level will fall and real GDP will rise. c. the price level and real GDP will both stay the same. d. All of the above are possible.
According to the above table, as the level of real disposable income decreases
A. the APS decreases. B. the marginal propensity to consume decreases. C. the marginal propensity to save increases. D. the APS increases.