Suppose your expenses for this term are as follows:
tuition: $5,000, room and board: $3,000, books and other educational supplies: $500. Further, during the term, you can only work part-time and earn $4,000 instead of your full-time salary of $10,000. 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) $5,500 B) $8,500 C) $11,500 D) $14,500
C
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When the price of a product exceeds the marginal cost of producing it, producers have a
A) consumer surplus. B) producer surplus. C) consumer shortage. D) producer shortage. E) deadweight surplus.
Social forces:
a. affect the price mechanism through cultural norms. b. affect the price mechanism through the educational system. c. affect the price mechanism through scarcity. d. do not affect the price mechanism.
Suppose that the Home country in the twosector (manufacturing and agriculture) specificfactors model has a comparative advantage in manufactured output. Will workers be better or worse off following the opening of trade with other countries?
a. Workers will be better off because the nominal wage increases. b. Workers will be worse off because the nominal wage decreases. c. Workers may be better off or worse off because the real wage in terms of the agricultural good rises and the real wage in terms of the manufactured good falls. d. Workers may be better off or worse off because the real wage in terms of the agricultural good falls and the real wage in terms of the manufactured good rises.
An active stabilization policy designed to limit the size of government would
A. raise G to eliminate a recessionary gap and lower taxes to eliminate an inflationary gap. B. raise G to eliminate a recessionary gap and raise taxes to eliminate an inflationary gap. C. reduce taxes to eliminate a recessionary gap and raise G to eliminate an inflationary gap. D. reduce taxes to eliminate a recessionary gap and reduce G to eliminate an inflationary gap.