Suppose your expenses for this term are as follows: tuition: $9,000, room and board: $1,500, books and other educational supplies: $1,000
Further, during the term, you can only work part-time and earn $3,000 instead of your full-time salary of $8,000. 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) $10,000 B) $13,000 C) $15,000 D) $18,000
C
You might also like to view...
If the firm in Figure 17-4 above maintains its set price of P0, rather than dropping price to P1, the welfare loss to society due to this decision is
A) J + K. B) K - G. C) G + H. D) H + K. E) F + G + H.
The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
Suppose the game above is repeated every day, and both firms adopt the following strategy: cooperate on the first day, then if the other firm cheats, cheat the next day, and if the other firm abides, abide the next day. This type of strategy is known as:
A. a prisoner's dilemma. B. the golden rule. C. the cartel solution. D. a tit-for-tat strategy.
_____ results from shifts in the demand for goods and services or changes in technology in the economy.
A. Structural unemployment B. Frictional unemployment C. Cyclical unemployment D. None of the choices are correct
In long-run equilibrium, purely competitive markets:
A. minimize total cost. B. maximize the sum of consumer surplus and producer surplus. C. yield economic profits to most sellers. D. inevitably degenerate into monopoly in increasing-cost industries.