The opportunity cost of going to college for a student receiving a scholarship
A) is the income that she would have earned if she did not go to college.
B) is the risk of dropping out.
C) is the expenses for food and clothing that she purchases while in college.
D) is zero because she does not have to pay tuition.
Answer: A
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When the government provides a public good such as a highway,
a. society benefits without necessarily involving a reallocation of resources b. only highway users benefit and that occurs without necessarily involving a reallocation of resources c. it uses resources, but the benefits are so great there is no resource reallocation effect d. it necessarily reallocates resources away from the production of other goods e. it has the same resource allocation effect on the economy as a government transfer payment
"As the price of apples goes up, the demand for apples goes down." The author of this statement
A) implies that price and demand are unrelated. B) uses the word "demand" when he should use the word "supply." C) uses the word "demand" when he should use the words "quantity demanded." D) implies that demand and price have a direct relationship.
When the amount supplied is greater at each price, there is a(n)
A) rightward shift in the supply curve. B) leftward shift in the supply curve. C) upward movement along the supply curve. D) downward movement along the supply curve.
The loss in social surplus that occurs when the economy produces at an inefficient quantity is called
a. efficiency. b. consumer surplus. c. social surplus. d. deadweight loss.