After graduating from high school, Ron Willis plans to go to college. The college tuition is $15,000 a year. But, instead of going to college, Ron could take a full-time job paying $20,000. If Ron decides to go to college, what is his opportunity cost for attending for one year?
a. $35,000
b. $15,000
c. $5,000
d. $20,000
a. $35,000
You might also like to view...
A person who refuses an offer of employment in order to keep looking for a better job is counted by the BLS as
A) a discouraged worker. B) a shirker. C) eligible for unemployment compensation. D) not in the labor force. E) unemployed.
If a firm that emits a form of pollution is also a monopolist, is the firm more likely to be allocatively efficient? Explain
If the marginal propensity to consume (MPC) is 0.96, the value of the spending multiplier is:
a. 25. b. 40. c. 96. d. 100.
For society as a whole, producing more of one good or service has an opportunity cost because
a. human wants are limited and resources are unlimited b. both human wants and resources are unlimited c. resources are limited; human wants are irrelevant d. human wants are unlimited and resources are limited e. both human wants and resources are limited