If your tuition is $5,000 this semester, your books cost $600, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $3,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is
A. $5,600.
B. $5,900.
C. $10,100.
D. $11,600.
Answer: C
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To eliminate a recessionary gap, what fiscal policy should the government pursue?
What will be an ideal response?
The potential for asymmetric information to bring about a general decline in product quality in an industry is known as the ________ problem
A) moral hazard B) liability C) capture D) lemons
Other things equal, in an open economy, monetary policy to offset a contractionary gap will tend to
a. Lower the exchange value of the dollar and lower net exports. b. Lower the exchange value of the dollar and raise net exports. c. Raise the exchange value of the dollar and lower net exports. d. Raise the exchange value of the dollar and raise net exports.
Refer to the diagram in which S is the market supply curve and S 1 is a supply curve comprising all costs of production, including external costs. Assume that the number of people affected by these external costs is large. Without government
interference, this market will reach:
A. an optimal allocation of society's resources.
B. an underallocation of resources to this product.
C. an overallocation of resources to this product.
D. a higher price than is consistent with an optimal allocation of resources.