Suppose your expenses for this term are as follows: tuition: $10,000, room and board: $6,000, books and other educational supplies: $1,000
Further, during the term, you can only work part-time and earn $8,000 instead of your full-time salary of $20,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?
A) $11,000 B) $17,000 C) $23,000 D) $29,000
C
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Measures of concentration
A) refer to the concentration of customers in a certain area. B) measure whether the market is dominated by a small number of firms. C) measure the concentration of a large number of firms in a certain area. D) have high values for perfect competition. E) measure how concentrated a firm's sales are among certain types of goods.
Given the U.S. price level P, the foreign country price level P*, and the real exchange rate RER in foreign currency per U.S. dollar, the nominal exchange rate E would be given by
A) E = RER × (P/P*). B) E = RER × (P*/P). C) E = (P/P*) / RER. D) E = P × (RER/P*).