Suppose your expenses for this term are as follows: tuition: $12,000, room and board: $6,500, books and other educational supplies: $1,500
Further, during the term, you can only work part-time and earn $3,500 instead of your full-time salary of $14,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?
A) $13,500 B) $20,000 C) $24,000 D) $30,500
C
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Measured as a share of the economy, government spending
a. has been between 10 and 15 percent of the U.S. economy since 1930. b. has been between 20 and 25 percent of the U.S. economy since 1930. c. rose from less than 10 percent in 1929 to over 35 percent in 2012. d. declined from more than 50 percent in 1929 to approximately 25 percent in 2012.
Using indifference curve analysis, you can identify the point at which a consumer maximizes utility where the slope of the:
A. indifference curve is equal to the slope of the budget constraint. B. indifference curve is greater than the slope of the budget constraint. C. indifference curve is -1. D. budget line is -1.
Most bank deposits in the United States are insured by the Federal Deposit Insurance Corporation (FDIC).
Answer the following statement true (T) or false (F)
The law of diminishing marginal productivity implies that opportunity cost:
A. is constant as all inputs are increased to produce successive units of output. B. increases as all inputs are increased to produce successive units of output. C. increases as one input is increased to produce successive units of output. D. is constant as one input is increased to produce successive units of output.