The opportunity cost of taking a semester-long economics class is
A) the cost of tuition and fees only.
B) equal to the highest value of an alternative use of the time and money spent on the class.
C) the value of the time spent in the classroom.
D) the knowledge and enjoyment you receive from attending the class.
E) zero because there is no admission charged if you are enrolled in the course.
B
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For any given increase in spending that is not directly caused by an increase in income, the impact on equilibrium GDP is greater than the initial spending increase
Indicate whether the statement is true or false
Jim is haggling with a car dealer over the sale price of a used car. When he entered the store he was the only customer. This means that
a. Jim has a better chance of having his offer accepted, since the seller does not have any outside offers b. Jim has lower chances of having his offer accepted, since the seller has more outside offers c. The disagreement value for the seller has increased d. Only A&C