Suppose that your tuition to attend college is $14,000 per year and you spend $5,000 per year on room and board. If you were working full time, you could earn $26,000 per year. What is your opportunity cost of attending college?
A) $19,000 B) $31,000 C) $40,000 D) $45,000
C
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If the demand increases in a perfectly competitive market, what will likely occur?
A. Firms will temporarily make a profit due to a higher price. B. Firms will enter the market in hopes of capturing some profits. C. The short-run supply curve will shift to the right, causing price to eventually fall. D. All of these are true.
Tax evasion is
a. facilitated by legal deductions to taxable income. b. the same as tax avoidance. c. recommended by the American Accounting Association. d. illegal.
Marginal revenue is
A) total revenue divided by the total quantity of output. B) the change in profit divided by the change in the quantity of output. C) the change in total revenue divided by the change in total cost. D) the change in total revenue divided by the change in the quantity of output.
Refer to the diagram in which T is tax revenues and G is government expenditures. All figures are in billions. The budget will entail a deficit:
A. at all levels of GDP.
B. at any level of GDP above $400.
C. at any level of GDP below $400.
D. only when GDP is stable.