Trinh quits his $80,000-a-year job to become a full-time volunteer at a museum. What is the opportunity cost of his decision?
A) the value he attributes to the joy of working at a museum
B) depends on the "going rate" of museum employees
C) at least $80,000
D) 0 since he will no longer be earning a salary
C
You might also like to view...
A full-time student who is not working is categorized as
A) unemployed. B) employed. C) not in the labor force. D) frictionally unemployed. E) a discouraged worker.
When there is excess demand for a product in a market,
a. price will tend to fall. b. price must be below the equilibrium price. c. price must be above the equilibrium price. d. producers will reduce output and sales will fall.
Suppose the MPC is .6 and consumption increases by $8 billion. Consequently, total income through the multiplier effect will:
a. $20 billion b. $8 billion c. $15 billion d. $13.3 billion
If a firm shuts down in the short run, it will:
A. incur losses equal to its fixed costs. B. have total revenue greater than total fixed costs. C. reduce its losses to zero. D. do this because P > AVC.