The opportunity cost of going to college full time away from home includes
A. the time you could have spent with parents back home.
B. the funds you would have saved if you had not paid the tuition.
C. the income you could have earned from a full-time job.
D. All of these are correct.
Answer: D
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The price of diamonds is high, in part because the majority of the world's diamonds are controlled by a single firm. This is an example of
a. a market failure caused by an externality. b. a market failure caused by market power. c. a market failure caused by equality. d. There is no market failure in this case.
Which of the following can make the unemployment rate rise?
A. A decrease in the number of people with jobs. B. A decrease in the number of people neither working nor looking for work. C. An increase in the number of people who are looking for work. D. An increase in the number of people who are looking for work and a decrease in the number of people with jobs.