A famous opera star made $2 million per year. He said he would rather sell insurance if he couldn't make more than $100,000 per year. If he is telling the truth, what's his opportunity cost as an opera star?
A. $100,000
B. $1.9 million
C. $2.1 million
D. $2.0 million
Answer: A
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Refer to the scenario above. If Maria's opportunity cost of time increases to $80 per hour, the cost of driving to destination A is:
A) $480. B) $730. C) $800. D) $970.
Suppose Matt's New Cars issues a bond in which they'll need to pay $10,000 in one year, which includes 4% interest. How much will they receive for the bond?
A) $9,600 B) $9,615 C) $10,000 D) $10,400
Define rent seeking. Is rent-seeking activity likely to be highly profitable in the long run? Why or why not?
What will be an ideal response?
Market work includes activities such as
a. practicing your golf game b. studying for an economics exam c. teaching a college economics course d. picking up empty cans for the bottle deposit e. picking strawberries for your own use