For a college student who wishes to calculate the true costs of going to college, the costs of room and board
a. should be counted in full, regardless of the costs of eating and sleeping elsewhere.
b. should be counted only to the extent that they are more expensive at college than elsewhere.
c. usually exceed the opportunity cost of going to college.
d. plus the cost of tuition, equals the opportunity cost of going to college.
B
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Firms in monopolistic competition resemble monopolies in that both types of firms
a. earn positive economic profits in the long run. b. charge prices higher than their marginal costs. c. possess barriers to entry that keep potential rivals out of the market. d. produce their output so that their average cost is minimized.
Results of research conducted regarding the Moving to Opportunity program found that the program had little effect on opening up employment opportunities
Indicate whether the statement is true or false
In a Cournot duopoly, we find that Firm 1's reaction function is Q1 = 50 - 0.5Q2, and Firm 2's reaction function is Q2 = 75 - 0.75Q1. What is the Cournot equilibrium outcome in this market?
A) Q1 = 20 and Q2 = 60 B) Q1 = 20 and Q2 = 20 C) Q1 = 60 and Q2 = 60 D) Q1 = 60 and Q2 = 20
In practice, money supply and short-term interest rates are determined by the
a. Treasury and Commerce departments. b. Federal Open Market Committee. c. Board of Governors. d. House and Senate.