Briefly explain the concept of opportunity cost. What is the opportunity cost of attending college?
What will be an ideal response?
The opportunity cost of an action is the value of the next best alternative that a person has to give up when making a choice. The opportunity cost of attending college is what the college student would give up by going to school, such as the income she could have earned if she did not go to school.
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A change in the price of a product will change the supply of that product
Indicate whether the statement is true or false
When the yuan per dollar real exchange rate depreciates:
A) the U.S. net exports to China increase while the Chinese net exports to U.S. decrease. B) both the U.S. net exports to China and the Chinese net exports to U.S. increase. C) both the U.S. net exports to China and the Chinese net exports to U.S. decrease. D) the U.S. net exports to China decrease while the Chinese net exports to U.S. increase.