What is Economics - Quiz 1
4 important questions on What is Economics - Quiz 1
The main implication of scarcity in economics is that
A. people must selfish.
B. Incentives work.
C. people must be unhappy.
D. people must make choices.
Because you can never satisfy all of your wants, making the most out of your life requires
A. smart choices about what to go after and what to give up.
B. that your opportunity cost is than gains from trade.
C. That you network to meet the right people.
D. that you set low goals.
The opportunity cost for you to attend college
A. Might be described as the income you could have earned at a full-time job.
B. Is no greater than the money cost.
C. Depends on the income you can earn after graduation.
D. Is only determined by what you could earn if you did not go to college.
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Don would like to go to college. He is qualified to get a job that pays $ per year. If he goes to college, tuition, books, and other things, such as transportation and supplies, that are directly related to attending college will cost $15,000 per year for a two-year period. Assuming he cannot work while attending, the opportunity cost of his diploma
A. is equal to $15,000.
B. is equal to $30,000.
C. is at least $100,000.
D. is equal to $70,000.
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