Ted quits his $60,000-a-year job to be a stay-at-home dad. What is the opportunity cost of his decision?
A) the value he attributes to the joy of parenting
B) at least $60,000
C) zero, since he will no longer be earning a salary
D) depends on the "going rate" for stay-at-home dads
B
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When a price ceiling is set below the equilibrium price, the quantity supplied ________ the quantity demanded and ________ exists
A) is less than; a surplus B) is less than; a shortage C) is greater than; a surplus D) is greater than; a shortage E) equals; an equilibrium
According to classical economics:
a. real GDP is determined by aggregate demand, while the equilibrium price level is determined by aggregate supply. b. both real GDP and price level are determined by aggregate demand. c. both real GDP and price level are determined by aggregate supply. d. real GDP is determined by aggregate supply, while the equilibrium price level is determined by aggregate demand. e. price level cannot be changed as prices and wages are perfectly rigid.