Which of the following individuals would be likely to face the lowest opportunity cost of a college education?
A. The 40-year-old owner of a successful construction company who wants to finish college as an example to his children
B. A high school basketball star who is offered a multimillion-dollar contract with the NBA, as well as a full scholarship at the university of his choice
C. A well-paid staff member at a college who can take classes tuition free
D. A high school graduate who has few skills, does not qualify for a full scholarship, and would be able to work as a server at her family's restaurant if she did not go to college
Answer: D
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A good which is nonexcludable and nonrival is called:
a. a public good. b. a marketable good. c. a private good. d. a consumer good.
Consider the following:
(i) Describe the indifference curves that are used to represent homothetic preferences. (ii) Assume preferences are homothetic and consider the representative agent. Suppose a technological advance increases people's current and future endowments. Under what circumstances would the technological advance have no effect on the interest rate? Under what circumstances would the technological advance cause an increase in the interest rate? Explain.
If the government imposes a $3 tax in a market, the buyers and sellers will share an equal burden of the tax
a. True b. False Indicate whether the statement is true or false
If supply decreases and demand increases
A) the market clearing price definitely rises, and the equilibrium quantity falls. B) the market clearing price definitely rises, and the equilibrium quantity is indeterminate. C) the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate. D) the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely falls.