67%(3)2 out of 3 people found this document helpful
This preview shows page 1 - 2 out of 4 pages.
October 26, 2016 Due: November 2, 2016 Econ 1: Principles of Microeconomics Assignment 5 Section 1: Multiple Choice 1. ________ are costs that do not require a monetary payment. A) Implicit costs B) Explicit costs C) Accounting costs D) All opportunity costs 2. Which of the following is an example of something that economists would consider a cost but accountants would not? 3. Jane is a student at a university. She pays $10,000 per year in tuition, $4,000 per year in living expenses, and $800 per year for books. Were she not in school, she could earn $20,000 per year working as a bookkeeper and she would not live with her parents. What is her economic cost of a year in college?