The opportunity cost of attending college includes the cost of
A) the tuition but not the job at which you would otherwise have worked.
B) the highest valued alternative to attending college.
C) the highest valued alternative to attending college plus the cost of tuition.
D) tuition, books, and the lost wages for the hours spent studying.
C
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The demand curve faced by a competitive firm is
a. horizontal. b. downward sloping. c. upward sloping. d. nonexistent.
The opportunity cost of leisure is
A) the substitution effect. B) the income effect. C) a person's income. D) a person's wage rate.
Suppose that two countries, A and B, employ the same technology in the production of a good. External economies of scale apply in both countries
Analyze the effects of trade on long-run production levels if country A has a comparatively lower cost of production when trade begins.
Which of the following is an example of structural unemployment?
a. The rise in unemployment for horse-stable workers after the development of gasoline-powered automobiles. b. The rise in unemployment among farm workers after harvest. c. The unemployment associated with workers changing jobs. d. The increase in unemployment during recession.