Quiz 2 actual quiz - Question 1 2 2 points The law of comparative advantage states that the person who should produce a good is the person who Question

Quiz 2 actual quiz - Question 1 2 2 points The law of...

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Question 12 / 2 pointsThe law of comparative advantage states that the person who should produce a good is the person whoQuestion options:has the lowest opportunity cost of producing that goodcan produce that good using the fewest resourceswill produce that good using the most expensive resourceshas the most desire for that goodhas produced that good in the pastQuestion 20 / 2 pointsThe “rules of the game,” the set of conditions that shape individual incentives and constraints, are determined byQuestion options:the production possibilities frontierscarcitytechnologythe amount of consumer goods in the economylaws about resource ownership and the role of governmentQuestion 32 / 2 pointsCongratulations, you have been admitted to the Blue-and-Blue College. Your annual expenses are as follows: $19,000 for tuition, $1,000 for fees and books, and $4,000 for room and board. You are also receiving a scholarship of $7,500. The next best alternative to going to college is to get a full-time job that pays $24,000 a year (after taxes). What is your opportunity cost of going to college?
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