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econ2 - Submitted by Le Thao(THAOLE2 on 10:08:22 AM Points...

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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? 0.0/0.5 Correct Answer(s): B
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3. An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is equal to 0.0/0.5 Correct Answer(s): D
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