You decided to take a college accounting course to brush up on your knowledge of the language of business. The tuition expense was $500. After the date has expired to receive a refund for the course, you are offered a job that would conflict with your class time. In making the decision to accept or decline the offer, the $500 is:
A. a sunk cost.
B. a sunk benefit.
C. the opportunity cost of the job.
D. the expected gain in pay from taking the accounting course.
Answer: A
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An economy in long-run equilibrium experiences an increase in aggregate demand. According to the classical model,
A) the price level will increase, but real GDP will not change. B) the price level and real GDP will increase at the same time. C) the price level will increase, but real GDP will decrease. D) the price level will rise first, then real GDP will increase.
A bakery would be willing to supply 500 bagels per day at a price of $0.50 each. At a price of $0.80, the bakery would be willing to supply 1,100 bagels. Using the midpoint method, the price elasticity of supply for bagels is about
a. 0.62. b. 0.77. c. 1.24. d. 1.63.