MyLab Economics with Pearson eText -- Access Card -- for Foundations of Economics
8th Edition
ISBN: 9780134518312
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 1, Problem 1IAPA
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Which of the following is NOT part of the opportunity cost of attending university?
A) The alternative uses of the time you spend studying.
B) The tuition fees that you or your government pays.
C) The income that you could have earned if you did not attend university.
D) The cost of the food that you consume while you are attending university
How would scenarios A and B affect the opportunity cost of going to college versus going to work immediately after high school? In which scenario is the opportunity cost of going to college higher? Why?
You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now?
Chapter 1 Solutions
MyLab Economics with Pearson eText -- Access Card -- for Foundations of Economics
Ch. 1.A - Prob. 1SPPCh. 1.A - The spreadsheet in Table 1 provides data on the...Ch. 1.A - Prob. 3SPPCh. 1.A - Prob. 4SPPCh. 1.A - Draw a scatter diagram to show the relationship...Ch. 1.A - Draw a time-series graph of the quantity of music...Ch. 1.A - Prob. 3IAPCh. 1.A - Prob. 4IAPCh. 1.A - Prob. 5IAPCh. 1 - Prob. 1SPPA
Ch. 1 - Prob. 2SPPACh. 1 - Prob. 3SPPACh. 1 - Prob. 4SPPACh. 1 - Prob. 5SPPACh. 1 - Prob. 6SPPACh. 1 - Prob. 7SPPACh. 1 - Prob. 8SPPACh. 1 - Prob. 9SPPACh. 1 - Prob. 10SPPACh. 1 - Prob. 11SPPACh. 1 - Prob. 12SPPACh. 1 - Prob. 13SPPACh. 1 - Prob. 1IAPACh. 1 - Prob. 2IAPACh. 1 - Prob. 3IAPACh. 1 - Prob. 4IAPACh. 1 - Prob. 5IAPACh. 1 - Prob. 6IAPACh. 1 - Prob. 7IAPACh. 1 - Prob. 8IAPACh. 1 - Prob. 9IAPACh. 1 - Prob. 10IAPACh. 1 - Prob. 11IAPACh. 1 - Prob. 12IAPACh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQ
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- You can either spend spring break working at home for $80 per day or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Florida?arrow_forwardSuppose Andrea has a job that pays her $50 000 per year (after taxes). She is considering quitting her job and going to university full time for four years. Tuition fees and books will cost $12 000 per year. Living expenses in either situation will cost $20 000 per year. What is the opportunity cost of Andrea's four-year university degree? $200 000 $128 000 $288 000 $240 000 $248 000arrow_forwardYour group won $100 from a Tiktok dance challenge. You have a choice between spending the money now and putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now? (support your answer with computations and discussion)arrow_forward
- Which of the following statements does NOT describe opportunity costs? A. The interest income on uninvested funds that you could have earned, but didn't. B. The income a person could have earned at their job instead of waiting in line to purchase the newest electronic device. C. The rent a landlord did NOT earn on an apartment that was empty for the month. D. The value or satisfaction a consumer gets from a product or service.arrow_forwardQUESTION 20 Which of the following is not an illustration of the notion of opportunity cost A. The production of more military goods means fewer resources are available for civilian goods. B. The land a Kansas farmer plants in wheat is not available for corn production. C. If I buy a pizza, I will not be able to afford a movie. D. A growing economy can produce more consumer goods and more capital goods at the same time.arrow_forwardYou have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go back to sleep, the following is a list of the different things you could do (along with the value you would get from doing each). You could work-out (and get a $100 value) or you could watch TV (and get a $250 value) or you could read the newspaper (and get a $30) or you could eat breakfast (and get a $170 value). What is your opportunity cost of going back to sleep for one more hour? a) $250 b) $550 c) $100 d) $170 e) $ 50arrow_forward
- You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go back to sleep, the following is a list of the different things you could do (along with the value you would get from doing each). You could work-out (and get a $100 value) or you could watch TV (and get a $250 value) or you could read the newspaper (and get a $30) or you could eat breakfast (and get a $170 value). What is your opportunity cost of going back to sleep for one more hour? a)$250 b) $100 c) $170 d) $50arrow_forwardIdentify and describe the opportunity cost of an activity that you enjoy. Remember to consider everything you must give up to take part in this activity. Using opportunity cost and benefits, demonstrate how someone might decide whether to participate in your activity or not.arrow_forwardSuppose that your tuition to attend college is $10,000 per year and you spend $4,000 per year on room and board. If you were working full time, you could earn $20,000 per year. What is your opportunity cost of attending college for one year? A) $14,000 B) $24,000 C) $30,000 D) $34,000 can you solve this Q and show me the steps for solving itarrow_forward
- Like a good economist, you calculated the opportunity cost of getting your college degree. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would not let you live at home.What is your opportunity cost for four years of college? $____arrow_forwardIdentify three categories of opportunity costs that you will incur for getting a university degree.arrow_forwardWhat is the opportunity cost of going to a movie? the price of the ticket the price of the ticket plus the cost of any soda and popcorn you buy at the theatre the total cash expenditure needed to go to the movie plus the value of your time zero, as long as you enjoy the movie and consider it a worthwhile use of time and moneyarrow_forward
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