Frequent Exam Questions without Answers
Opportunity Costs
Chapter 1 ― Question 1
The opportunity costs of attending college are highest for a student
- who could work in his father's factory for a high salary
- who chooses an expensive college
- who comes from a poor family
- who must find himself a job to finance his studies
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Chapter 1 ― Question 7
An economist plans to go on a vacation. He knows the costs like airfares, hotel accommodation, etc. He also knows the benefits as he made the same trip last year. How can he make a cost-benefit analysis, when the costs are expressed in money and the benefits in pleasure?
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