Which person has the highest opportunity cost of obtaining a college degree (assuming that attending college requires giving up his or her current position)?
A. Bill, who is unemployed.
B. Jane, who is an unwed mother and earns $15,000 a year.
C. Larry, who is a technician in the navy earning $18,000 a year with free food and housing.
D. Mary, who has a job earning $60,000 a year as a computer programmer.
E. Unable to determine from the data given.
Answer: D
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The interest-rate effect
a. depends on the idea that increases in interest rates decrease the quantity of goods and services demanded. b. depends on the idea that increases in interest rates decrease the quantity of goods and services supplied. c. is responsible for the downward slope of the money-demand curve. d. is the least important reason, in the case of the United States, for the downward slope of the aggregate-demand curve.
When Grayce deposits $4,000 cash in her checkable deposit at the Beach Bank and the Beach Bank's excess reserves increase by $3,600, the desired reserve ratio is
A) 5 percent. B) 90 percent. C) 10 percent. D) 15 percent. E) $400.