47.If the FDA enacts more stringent pharmaceutical drug tests, two costs of this policy would be: A)drug lag and drug lapse.B)drug lapse and drug misallocation.C)drug loss and drug lag.D)drug misallocation and drug loss. 48.Bill Gates dropped out of college and founded Microsoft. His opportunity cost of continuing to attend college was 49.When the opportunity cost of a choice increases: 50.During a recession, we expect that the opportunity cost of attending college: Page 9
51.Dropping out of college to devote time to a promising business start-up is most directly an application of the principle of: A)gains from trade.B)returns from specialization.C)marginal thinking.D)opportunity cost. 52.In an effort to clean the air, many communities impose restrictions on the burning of garbage. This policy causes more garbage to be buried underground, potentially increasing groundwater contamination. What concept does this example represent? 53.The opportunity cost of winning a free ticket to the Super Bowl worth $950 and choosingto attend the game is: 54.You must decide whether to attend class tomorrow morning or take your friend to the airport. Your decision highlights the following “big idea” in economics. 55.Why do you think researchers sometimes find a positive relationship between the unemployment rate and college enrollment rates? A)The opportunity cost of attending college rises during economic booms, leading to higher college enrollment rates.B)The opportunity cost of attending college rises during recessions, leading to higher college enrollment rates.C) The opportunity cost of attending college falls during recessions, leading to higher college enrollment rates. Page 10
D)The opportunity cost of attending college falls during economic booms, leading to higher college enrollment rates.
You've reached the end of your free preview.
Want to read all 48 pages?