The opportunity cost of attending college might best be described as
A. the lowest-valued alternative use of the student's time.
B. the value that the student attaches to not working.
C. the highest-valued alternative use of the student's time.
D. the money that must be paid in order to attend college.
Answer: C
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A government ban on a good that suffers from overconsumption may be ineffective if the:
A. likelihood of being caught breaking the ban is very low. B. punishment for breaking the ban is severe. C. likelihood of being caught breaking the ban is sufficiently high. D. public did not participate in setting the punishments.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.