The main cost of a college education is
A) tuition if one goes to a private college and room and board if one goes to a public college.
B) dependent upon whether one's parents pay for the college or not.
C) the lack of practical experience from spending time in college.
D) the opportunity cost of not working.
D
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Charlie's consumer surplus from the first slice of pizza he buys is greater than the consumer surplus from the second slice because of
A) decreasing marginal benefits. B) increasing marginal benefits. C) decreasing marginal costs. D) increasing marginal cost.
In order to maximize profits, firms organize their production using
A) only a command system. B) only an incentive system. C) a combination of command and incentive systems. D) neither a command nor an incentive system.
In the United States in 2016, more than seventy percent of those who were not covered by health insurance
A) are single and unemployed. B) live in families in which at least one member has a job. C) live in families in which all members are unemployed. D) are retired from the workforce.
Inflation is defined as:
A. an increase in the overall level of prices. B. the rate of growth in nominal GDP. C. a situation where all prices in the economy rise simultaneously. D. the growth phase of the business cycle.