If your tuition is $20,000 this semester, your books cost $2,000, you can only work 10 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 $8,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is
A. $22,000.
B. $22,150.
C. $28,750.
D. $36,750.
Answer: C
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Assume an analyst has been hired to estimate the price elasticity of demand for Levi's brand blue jeans and for blue jeans in general. Ceteris paribus, we would expect the price elasticity of demand in absolute value to be:
A) larger for Levi's brand blue jeans than for blue jeans in general. B) larger for blue jeans in general than for Levi's brand blue jeans. C) approximately the same for both Levi's brand blue jeans and blue jeans in general. D) none of the above because the market for blue jeans cannot be analyzed using the model of supply and demand.
The marginal product of capital (MPK) is given by the ________
A) capital share of income + average output per unit of capital B) capital share of income - average output per unit of capital C) capital share of income ÷ average output per unit of capital D) capital share of income × average output per unit of capital E) none of the above
Enforcement of laws protecting rights to intellectual property, and performance of contractual obligations is ordinarily entrusted to the
A. individual property owners involved. B. civil court system. C. social conscience of buyers and sellers. D. police and criminal justice system.
A strategy that is best for a player regardless of the strategy of the other player is called a(n)
a. subsistence strategy b. determinant strategy c. dominant strategy d. independent strategy e. autonomous strategy