The opportunity cost of going to college is best measured by the
a. cost of room and board
b. cost of tuition
c. cost of room and board plus tuition
d. income forgone by not working, plus tuition
e. income forgone by not working, plus tuition and room and board
D
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Between 1950 and 2015 the productivity of wheat farmers in the United States more than doubled. This means that
A) the total amount of wheat produced more than doubled. B) the amount of land and other resources devoted to wheat production more than doubled. C) the amount of wheat produced by the average farmer more than doubled. D) the incomes of wheat farmers more than doubled.
Moneys primary role in the economy comes from the benefits of lowering transactions costs and allowing specialization. This function of money is called
A) store of value. B) medium of exchange. C) standard of deferred payment. D) unit of account.