Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State NoName U is:
A. $60,000
B. $30,000
C. $15,000
D. $20,000
Answer: D
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Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206Suppose Smith and Jones begin by producing 0 computers and 220 calculators per hour. If they wish to produce 2 computers and 200 calculators per hour efficiently, then Smith should spend ________, and Jones should spend ________.
A. 48 minutes on computers and 12 minutes on calculators; 1 hour on calculators B. 12 minutes on computers and 48 minutes on calculators; 1 hour on calculators C. 30 minutes on each; 30 minutes on each D. 1 hour on calculators; 10 minutes on computers and 50 minutes on calculators
Use the following table to answer the next question.Current AccountFinancial AccountCapital Account-$753,438 $30,696One possible explanation for this situation is ________.
A. people in other countries prefer buying U.S. financial assets B. people in other countries prefer imported goods to domestic goods C. domestic residents have a preference for domestic non-produced assets D. people in other countries prefer to consume their income rather than save it
The slope of the production possibility frontier shows
a. the marginal rate of substitution between the two goods. b. the relative marginal costs of the two goods. c. the efficient combination of outputs possible using fixed amounts of input. d. the relative marginal productivities of the two goods.
A price floor will be binding only if it is set
A. equal to the equilibrium price. B. either above or below the equilibrium price. C. above the equilibrium price D. below the equilibrium price