Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year.Christine's opportunity cost of working as a consultant last year was ________.
A. $36,000
B. $15,000
C. $51,000
D. $40,000
Answer: D
You might also like to view...
Suppose Maria can make 12 pizzas or 4 lasagnas every Saturday afternoon, while Gina can make 10 pizzas or 2 lasagnas every Saturday afternoon. Which statement is true?
A) Maria is the most efficient producer of both pizza and lasagna. B) Gina is the least efficient producer of both pizza and lasagna. C) It costs Maria 3 pizzas to produce 1 lasagna. D) It costs Gina 5 lasagnas to produce 1 pizza. E) All of the above are true.
Consider the following characteristics:
a. low transactions costs b. small levels of pollution c. high levels of pollution d. clear assignment of property rights Which of the above are assumptions behind the Coase Theorem? A) a, b, and d B) a, c, and d C) a and d D) a only
Payroll taxes are used to collect revenue for the Social Security program
a. True b. False Indicate whether the statement is true or false
Why did President George W. Bush feel the need for a stimulus package for the U.S. economy after September 11, 2001? As a conservative, what type of fiscal stimulus would be most appealing to President Bush?