At least at lower grades, schooling is O an investment in human capital. O a consumption good. O a natural resource. a waste of valuable resources.

ITMG 1B Econ 2100 mic 三I E Homework: Basic... Question 26, 1.1 Questio... Because resources are scarce, individuals are required to T TE O A. make choices among alternatives. O B. sacrifice production but not consumption. O C. use resources inefficiently. O D. improve distribution but not production. O E. consume at inefficient points below the production possibilities curve

If John didn't go to the movie tonight with a friend, he would save the $5 parking fee and spend four hours at working overtime at $15 per hour. The opportunity cost of spending the evening at the movies with his friend is: O A. $0 OB. $5 C. $60 O D. $65

System (Academic) les of Microeconomics || Fall20 At the current level of output, the marginal social benefit of pizza exceeds the marginal social cost of pizza. Compared to the allocatively efficient quantity, we are producing too of other goods, pizza and too Select one: on O a. much; little O b. much; much Oc. little; much O d. little; little 00 HUAWEI Nova 3 Al CAMERA Dage Next pac

Remote Control Cars 180 120 60 Remote Control Planes 50 80 100 Figure B-4 shows the production possibilities frontier for a processing plant that can produce both remote-control cars and remote-control airplanes. The opportunity cost of moving from point B to C (in terms of a 1-unit increase) is O a. 20 remote control planes O b.3 remote control cars Oc1 remote control plane O d.33 remote control cars

8

Wendy is splitting her time during a week between writing essays and outlining book chapters. One of the efficient ways for Wendy to allocate her time is to write 5 essays and outline 2 chapters during a week. It must be true that: 3 essays and 5 chapter outlines would be unattainable. 4 essays and 3 chapter outlines would be both attainable and efficient. 4 essays and 0 chapter outlines would be unattainable. O 2 essays and 3 chapter outlines would be efficient.

Under the modern versions of the principle of equality of opportunity, a fair society should Select one: O a. Equalise individual responsibility. O b. Equalise income. O c. Compensate for circumstances that cannot be attributed to the individual's effort. O d. Compensate for lack of resources.

If your tuition is $20,000 this semester, your books cost $2,000, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $8,000 this semester, then your opportunity cost of attending college this semester is a. $28,750. O b. $22,000. O c. $22,150. O d. $36,750.

7..