Suppose that your tuition to attend college is $14,000 per year and you spend $5
ID: 2506081 • Letter: S
Question
Suppose that your tuition to attend college is $14,000 per year and you spend $5,000 per year on room and board. If you were working full time, you could earn $26,000 per year. What is your opportunity cost of attending college?
A. $19,000
B. $31,000
C. $40,000
D. $45,000
Using assumptions to make things simpler and focus attention on what really matters is like using a road map to plan a trip.
O True
O False
The financial crisis and recession which began in 2007
A. impacted only low - income countries.
B. had a global impact.
c. was only severe in the United States.
D. impacted only high - income countries.
Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways.
O True
O False
Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the_of sailing slower is less than the_of sailing slower.
A. marginal benefit; marginal cost
B. marginal cost; marginal benefit
c. marginal cost; opportunity cost
D. marginal benefit; opportunity cost
Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be
added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.
Recall the Application. If the organization in New Zealand was successful in getting the Olympics to include sheep shearing as a spectator sport, and this helped to raise the world price of wool, the quantity- of wool supplied would_because the market supply curve for wool is_sloped.
A. decrease; negatively
B. increase; negatively
c. decrease; positively
D. increase; positively
If a competitive market operates perfectly, it relies on
A. how many products can be produced for sale.
B. the number of people buying goods.
c. how much people are willing to pay for the products.
D. the laws of supply and demand.
1974 2011
Minimum wage per hour $ 2.00 $ 7.25
Weekly income from minimum wage $80.00 $290.00
Cost of a standard basket of goods $47.00 $225.00
Number of baskets per week 1.70 1.29
Table 2.5
Refer to the table above. The nominal value of the minimum wage in 2011
A. $2.00 per hour.
B. $3.63 per hour.
C. $5.62 per hour.
D. $7.25 per hour.
Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Fertilizer and Corn Yield
Bags of Fertilizer
Bushels of Corn
0
85
1
120
2
13:
5
144
4
147
Refer to the table above. After applying the second bag of fertilizer, the farmer experienced
A. constant returns.
B. negative returns.
c. increasing returns.
D. diminishing returns.
The principle of voluntary exchange is based on the idea of
A. thinking at the margin.
B. making assumptions.
c. isolating variables.
D. rational self-interest.
Bags of Fertilizer
Bushels of Corn
0
85
1
120
2
13:
5
144
4
147
Explanation / Answer
D. $45,000
false
c. was only severe in the United States.
true
B. marginal cost; marginal benefit
A. decrease; negatively
D. the laws of supply and demand.
C.
5.62 per hour.
B. negative returns.
A. thinking at the margin.
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