The opportunity cost of going to college is
a. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.
b. the value of the best opportunity a student gives up to attend college.
c. zero for students who are fortunate enough to have all of their college expenses paid by someone else.
d. zero, since a college education will allow a student to earn a larger income after graduation.
B
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The higher the interest sensitivity of investment, the
a. less effective is monetary policy and the more effective is fiscal policy. d. more effective are both monetary and fiscal policies. c. less effective are both monetary and fiscal policies. d. less effective is fiscal policy and the more effective is monetary policy.
Which of the following is not a determinant of the demand for a particular good?
a. the prices of related goods b. income c. tastes d. the prices of the inputs used to produce the good
The utility-maximizing rule:
A) is inconsistent with the law of demand. C) implies a leftward shifting demand curve. B) implies a perfectly elastic demand curve. D) is consistent with the law of demand.
Inferior goods will experience increasing demand when incomes increase.
Answer the following statement true (T) or false (F)