1) Which of the following are endogenous factors in a student’s decision about w
ID: 1169671 • Letter: 1
Question
1) Which of the following are endogenous factors in a student’s decision about whether to attend a particular college?
A. location of the school
B. classes/majors offered
C. ability to apply for scholarship money
D. price of tuition
E. price of room and board
2) Which of the following describes Jonathan having a comparative advantage in producing apples?
A. being able to produce more apples (by weight) than anyone else
B. being able to produce more apples (by volume) than anyone else
C. giving up less production of other goods when producing an apple
D. being able to sell apples at a lower price than anyone else and still make a profit
A. location of the school
B. classes/majors offered
C. ability to apply for scholarship money
D. price of tuition
E. price of room and board
2) Which of the following describes Jonathan having a comparative advantage in producing apples?
A. being able to produce more apples (by weight) than anyone else
B. being able to produce more apples (by volume) than anyone else
C. giving up less production of other goods when producing an apple
D. being able to sell apples at a lower price than anyone else and still make a profit
Explanation / Answer
For a student’s decision about attending a particular college, price of room and boarding is an external factor is it not of much consideration. It does not cause the student to choose a particular college, hence it is an endogenous factor.
2. Option D is correct.
Jonathan has comparative advantage of cost over other firms. It can produce goods and services at a lower cost and hence, earn profit even is he sells at a lower price.
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