Define opportunity cost. What is the opportunity cost to you of attending college? What was your opportunity cost of coming to class today?
Whatever must be given up to obtain some item it its opportunity cost. Basically, this would be a person's second choice. The opportunity cost of a person attending college is the value of the best alternative use of that person's time, as well as the additional costs the person incurs by making the choice to attend college. For most students this would be the income the student gives up by not working plus the cost of tuition and books, and any other costs they incur by attending college that they would not incur if they chose not to attend college. A student's opportunity cost of coming to class was the value of the best opportunity the student gave up. (For most students, that seems to be sleep.)
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Refer to Figure 11.5. An increase in the marginal propensity to import is best illustrated by diagram
A) A. B) B. C) C. D) D.
For a single country to influence the price of some good in the global market:
A. it must be considered a price taker. B. the quantity it produces and consumes must be small relative to the total amount of that good bought and sold worldwide. C. the quantity it produces and consumes must be large relative to the total amount of that good bought and sold worldwide. D. the country must be large relative to other nations in the world
Explain why the marginal propensity to save and the marginal propensity to consume sum to 1
The long-run aggregate supply curve shifts right if
a. immigration from abroad increases. b. the capital stock increases. c. technology advances. d. All of the above are correct.