Both an NBA basketball player and a fast-food cook are going to graduate school. Who has a higher opportunity cost? Explain
What will be an ideal response?
The opportunity cost is the income lost while going to graduate school. An NBA basketball player typically earns much more than does a fast-food cook so that the opportunity cost of going to graduate school is likely to be higher for the NBA basketball player than for the fast-food cook.
You might also like to view...
An advance in technology that increases productivity and an increase in the working-age population results in a
A) rightward shift of the labor supply curve. B) rightward shift of the labor demand curve. C) rightward shift of the labor demand curve and of the labor supply curve. D) no change to the production function.
What is not true of The Federal Reserve Act (1913)?
a. Membership in the system was made compulsory for national banks. b. State banks were not permitted to join the system. c. The member banks nominally owned the Federal Reserve Banks. d. Member banks had to deposit cash, previously held as reserves, with the district Federal Reserve Bank.