Econ2 - Submitted by Le Thao(THAOLE2 on 10:08:22 AM Points Awarded 15.50 Points Missed 17.00 Percentage 47.7 1 The opportunity cost of something is

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Submitted by Le, Thao (THAOLE2) on 9/12/2011 10:08:22 AM Points Awarded 15.50 Points Missed 17.00 Percentage 47.7% 1. The opportunity cost of something is A) the cost of the labor used to produce it. B) what you sacrifice to get it. C) the price charged for it. D) the search cost required to find it. Points Earned: 0.5/0.5 Correct Answer(s): B 2. Jacinda quit her job as a blackjack dealer where she made $42,000 per year to start her own florist business. Her business expenses are $14,000 per year on rent, $21,000 per year on supplies, and $9,000 per year on part time help. As for her personal expenses, her apartment costs her $12,000 per year and her personal bills are an extra $6,000 per year. What is Jacinda's opportunity cost of running the business? A) $104,000 B) $86,000 C) $62,000 D) $44,000 Points Earned: 0.0/0.5 Correct Answer(s): B
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An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is equal to A) the cost of bait and any other monetary expenses. B) zero, because the person doesn't have a job. C) the cost of bait, any other monetary expenses, and the value of the individual's wages while he was working. D) the cost of bait, any other monetary expenses, and the value of the best alternative use of the individual's time. Points Earned: 0.0/0.5 Correct Answer(s): D 4. Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year? A) $32,000
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This note was uploaded on 03/30/2012 for the course ECON 2302 taught by Professor Love during the Spring '08 term at Lone Star College.

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Econ2 - Submitted by Le Thao(THAOLE2 on 10:08:22 AM Points Awarded 15.50 Points Missed 17.00 Percentage 47.7 1 The opportunity cost of something is

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