HW5 - 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

HW5 - Due November 2 2016 Econ 1 Principles of...

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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?
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