Which of the following is an example of opportunity cost?
A. The income that could have been earned by working full-time instead of going to college.
B. The decline in the grades of a student athlete that occurs because she decides to spend more time practicing sports than on her academic work.
C. The value of other things you could have done with the same time and money it cost you to go to the movies.
D. All of the choices are examples of opportunity cost.
D. All of the choices are examples of opportunity cost.
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The voices of business and industry are less likely to influence government policy than the voices of consumers in the HPAE
Indicate whether the statement is true or false
Refer to Table 10.1. Equilibrium real GDP for this economy is equal to
A) $5.75 billion. B) $12 billion. C) $23 billion. D) $46 billion.
Universities are able to act as monopsonists in the market for professors because
A) a university usually does not consider hiring faculty members from another institution. B) faculty members usually have to move to a different city when changing universities. C) students like all of their professors. D) senior faculty members are willing to move to a new university at any cost.
In economics, a public good
A. Cannot be denied to consumers who have not paid. B. Is provided in an optimal amount by the market. C. Is any good produced by the government. D. Has social costs of production lower than private costs of production.