After graduating from high school, Steve had the following three choices for his immediate future, listed in order of preference: (1) attend our campus, (2) work in a printed circuit board factory, or (3) attend a rival college. His opportunity cost of going to college here includes which of the following?
a. The cost of books and supplies at the rival college
b. The income he could have earned at the printed circuit board factory plus the direct cost of attending college here (tuition, textbooks, etc.)
c. The benefits he could have received from going to the rival college
d. Only the tuition and fees paid for taking classes here
e. Cannot be determined from the information given
B
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. The quantity at which quantity demanded and quantity supplied are equal for a certain price level is known as
a. equilibrium price. b. equilibrium quantity. c. equilibrium rate. d. equilibrium level.
A higher exchange rate for the U.S. dollar means that
A) the U.S. dollar trades for less foreign currency. B ) the U.S. dollar trades for more foreign currency. C) foreign currency has risen in value relative to the dollar D) the U.S. dollar has fallen in value relative to the foreign currency.
The trade-off between unemployment and inflation is known as
A. an expansionary gap. B. the Phillips curve. C. the misery curve. D. the Keynesian mechanism.
Voting against ones preferences in the initial round of a runoff election in order to prevent the selection of an undesirable alternative in the final round is called
A) ballot manipulation. B) strategic voting. C) naive voting. D) the voting paradox.