1 / 1 ptsQuestion 7When you calculate your true costs of going to college, whatportion of your room-and-board expenses should be included?None of your room-and-board expenses should everbe included.You should include only the amount by which yourroom-and-board expenses exceed the expenses forrent and food if you were not in college.You should include only the amount by which yourroom-and-board expenses exceed the income youearn while attending college.
Your full room-and-board expenses should always beincluded.1 / 1 ptsQuestion 8College-age athletes who drop out of college to playprofessional sportsunderestimate the value of a college education.are not rational decision makers.are concerned more about present circumstances thantheir future.are well aware that their opportunity cost ofattending college is very high.
1 / 1 ptsQuestion 9Rational people make decisions at the margin bycomparing marginal costs and marginal benefits.following marginal traditions.thinking in black-and-white terms.behaving in a random fashion.1 / 1 ptsQuestion 10The marginal benefit Kyra gets from eating a second sandwichis
the total benefit Kyra gets from eating threesandwiches minus the total benefit she gets fromeating two sandwiches.the total benefit Kyra gets from eating twosandwiches minus the total benefit she gets fromeating one sandwich.less than the marginal cost of eating the secondsandwich since she chose to eat the second sandwich.the same as the total benefit she gets from eating twosandwiches.1 / 1 ptsQuestion 11After much consideration, you have chosen Cancun over Ft.Lauderdale as your Spring Break destination this year.However, Spring Break is still months away, and you may
reverse this decision. Which of the following events wouldprompt you to reverse this decision?The marginal cost of going to Cancun decreases.The marginal cost of going to Ft. Lauderdaledecreases.The marginal benefit of going to Cancun increases.The marginal benefit of going to Ft. Lauderdaledecreases.1 / 1 ptsQuestion 12A barber currently cuts hair for 50 clients per week and earns aprofit. He is considering expanding his operation in order toserve more clients. Should he expand?
Yes, because cutting hair is profitable.It depends on the average cost of serving moreclients and the average revenue he will earn fromserving more clients.