What is the best economic explanation for why a person would drop out of college to take a job or start a business?
A. he has a good idea for starting a business
B. he has to pay a higher tuition to attend college
C. the expected future benefits from starting a business now are greater than the costs
D. the opportunity cost of starting a business is high now, but will be low later in life
Answer: C
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Total economic profit is
A) total revenue minus total opportunity cost. B) total revenue divided by total cost. C) marginal revenue minus marginal cost. D) marginal revenue divided by marginal cost.
Currency traders expect the dollar to appreciate. What impact will this have on equilibrium in the foreign exchange market?
A) The dollar will appreciate, and the equilibrium quantity of dollars will increase. B) The dollar will depreciate, and the equilibrium quantity of dollars exchanged will decrease. C) The dollar will appreciate, and the equilibrium quantity of dollars will decrease. D) The dollar will appreciate, and the change in the equilibrium quantity of dollars exchanged cannot be determined.
Positive economic analysis
A. involves value judgments. B. concerns what ought to happen. C. addresses factual issues. D. is subjective.
Education and training of workers would best be categorized as
A) land.
B) labor.
C) physical capital.
D) human capital.