Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State College is:
A. $30,000
B. $35,000
C. $20,000
D. $15,000
Answer: B
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Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. What is Pepsi's best response function?
A. QP = 200PC - 67.5 B. QP = (90 + 400PC) - 500PP C. PP = 0.315 + 0.4PC D. PP = (0.18 + 0.8PC) - 0.002QP
Which of the following is an example of a positive statement?
A. NCAA Football should have adopted a playoff system 10 years ago. B. An increase in minimum wage results in higher teenage unemployment. C. No oneshould be allowed to carry guns into the classroom. D. Cats are better pets than dogs.
If the parity ratio goes from 0.8 to 0.7, it means that the prices received by farmers had:
A. Fallen by 12.5% relative to the prices they paid B. Fallen by 10% relative to the prices they paid C. Risen by 12.5% relative to the prices they paid D. Risen by 10% relative to the prices they paid
If an individual receives $10,000 after two years by investing $10,000 today, we can conclude that ________
A) the rate of inflation is zero B) the market rate of interest is zero C) the rate of inflation is negative D) the market rate of interest is negative