Principles of Macroeconomics
6th Edition
ISBN: 9780073518992
Author: Robert H. Frank, Ben Bernanke Professor, Kate Antonovics, Ori Heffetz
Publisher: McGraw-Hill Education
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Chapter 1, Problem 4P
To determine
Explain the
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Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. 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 let you live at home for free.Including the opportunity cost, what is the cost of attending four years of college? $
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? $____
Which of the following is an example of how a firm can change production so that it can meet an unattainable point on the production possibilities curve?
One way to produce at a point outside of the curve would be to reduce the number of employees working.
One way to produce at a point outside of the curve would be to purchase fewer resources.
One way to produce at a point outside of the curve would be to purchase the same amount of resources.
One way to produce at a point outside of the curve would be to purchase more resources.
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Principles of Macroeconomics
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