Zack quits his job at a consulting firm, which pays $40,000 a year, to enroll in a two-year graduate program. His annual school expenses are $30,000 for tuition, $2,000 for books, and $600 for food. What is his opportunity cost of attending the two-year graduate program?
$144,000
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Indicate whether the statement is true or false
Which of the following statements about concentration ratios is correct?
A) A high concentration ratio indicates that the industry is a monopoly. B) A high concentration ratio indicates that the industry is monopolistically competitive. C) A high concentration ratio suggests that the industry is characterized by strategic independence. D) A high concentration ratio suggests that the industry is characterized by strategic dependence.
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
In an unregulated, competitive market consumer surplus exists because some
A) sellers are willing to take a lower price than the equilibrium price. B) consumers are willing to pay more than the equilibrium price. C) sellers will only sell at prices above equilibrium price (or actual price). D) consumers are willing to make purchases only if the price is below the actual price.