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Econ 101 - Review Question Answers

Econ 101 - Review Question Answers - Econ Review Questions...

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Econ Review Questions Tyler Kellermann Chapter 1 4a. More people choose to get graduate degrees when the job market is poor because the opportunity cost of going to school is less. Since there are few job openings, most people would be unemployed and choose to use the time instead to increase their human capital by going to school so they can make more money later. Since they are not forgoing pay to go to school, their opportunity cost is less. 4b. More people will do their own home repairs when the economy is slow because they are making less money than they would be when the economy is booming so the cost of taking time off work to do home repairs instead of going to work and paying someone else to do the repair is less. 4c. There are more parks in suburban areas versus urban areas because the opportunity cost for land use is less. Open land in urban areas is scarce and is generally used for other things besides green space. In suburban areas, there is much more land
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