Suppose your expenses for this term are as follows: tuition: $10,000, room and board: $6,000, books and other educational supplies: $1,000
Further, during the term, you can only work part-time and earn $8,000 instead of your full-time salary of $20,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?
A) $11,000 B) $17,000 C) $23,000 D) $29,000
C
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Refer to Figure 11-5. Identify the curves in the diagram
A) E = average fixed cost curve; F = average total cost curve; G = average variable cost curve, H = marginal cost curve B) E = marginal cost curve; F = total cost curve; G = variable cost curve, H = average fixed cost curve C) E = average fixed cost curve; F = variable cost curve; G = total cost curve, H = marginal cost curve D) E = marginal cost curve; F = average total cost curve; G = average variable cost curve; H = average fixed cost curve.
One result of asymmetric information in the market for used cars is that few lemons are sold
a. True b. False
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. If policy makers take an action at time t2, the impact on the economy will not be at time t2 because
A. of the response lag. B. economic policies are ineffective. C. of the recognition lag. D. of the implementation lag.
In an economy, if the velocity of money falls faster than the supply of money, ____
a. ?nominal GDP will increase b. ?nominal GDP will decrease c. ?the price level will increase rapidly d. ?nominal GDP will stay the same e. ?commercial banks will decrease the creation of money