The opportunity cost of attending college might best be described as
A. the lowest-valued alternative use of the student's time.
B. the value that the student attaches to not working.
C. the highest-valued alternative use of the student's time.
D. the money that must be paid in order to attend college.
Answer: C
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An oral auction
a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the highest bidder wins and pays the amount of the next highest bid d. all of the above
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.If Starbucks and Dunkin Donuts are faced with the game in the figure shown, we can see that:
A. Starbucks has a dominant strategy, but Dunkin Donuts does not. B. Dunkin Donuts has a dominant strategy, but Starbucks does not. C. both companies have a dominant strategy. D. neither company has a dominant strategy.
Clipping coins created inflation because:
A. it decreased the money supply. B. it decreased the stock of capital goods. C. it increased the stock of capital goods. D. it increased the money supply.
An individual or country that has a comparative advantage in the production of one good:
A. must have an absolute advantage in the good's production. B. must not have an absolute advantage in the good's production. C. may or may not have an absolute advantage in the good's production. D. must not have an absolute advantage in the production of the other good.