Suppose that your tuition to attend college is $10,000 per year and you spend $4,000 per year on room and board. If you were working full time, you could earn $20,000 per year. What is your opportunity cost of attending college for one year?   A) $14,000   B) $24,000   C) $30,000   D) $34,000   can you solve this Q and show me the steps for s

Trade You are thinking about buying a house. You find one you like that costs $300,000. You learn that your bank will give you a mortgage for $240,000 and that you would have to use all of your savings to make the down payment of $60,000. You calculate that the mortgage payments, property taxes, insurance, maintenance, and utilities would total $1,440 per month. Which of the following is true regarding your calculation of the cost of owning the house? OA. It should include your monthly income, since you must know the source of the money when trying to calculate costs. B. It should not include maintenance, since homeowners often use their own time to fix things around the house instead of calling a professional. OC. It should include the opportunity cost of the money used to make the down payment. This money could be earning interest in a bank. OD. It should not include property taxes, since that is money that goes directly to the government and is no longer in the market. Given the…

Scarcity is a problem because... Group of answer choices There are not enough resources to produce all the goods and services people want to purchase. There are only small quantities of resources available on earth Not everyone has the same amount of resources, such as land and labor Unemployment exists, and therefore some people do not have enough resources to meet their basic needs.

If a family spends its entire budget in a given time frame, the family can afford either 95 cans of vegetables or 40 frozen dinners. Assuming the family spends its entire budget on just these two goods, what is the opportunity cost of a can of vegetables in the time frame?

Potatoes cost Janice .50 per pound, and she has $5 that she can spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third is worth $1.05, and all subsequent pounds are worth .30 per pound. How many pounds of potatoes will she purchase? How many pounds would she purchase if she only had $2 to spend?

Internships are considered a vital stepping stone to full-time employment after college, but not all internship positions are paid. Suppose you have to decide between taking an unpaid summer internship in your field of study, or working at a factory for the summer earning $10 an hour. If you take the factory job for the summer, what is included in your opportunity cost? Choose one or more: A. gaining valuable experience and increasing your human capital B. networking with professionals in your field of study C. the wages you make at the factory 7 OF 18 QUESTIONS COMPLETED 20 F4 See Hint ▶11 SUBMIT A

Ben enjoys doing volunteer work very much. During weekends, he often goes to the community center next to his home. He treasures the time doing volunteer work and considers it worth $305. He does not need to spend any money on transportation as he can walk to the community center and no other cost will incur if he does the volunteer work. If he does not go to the community center, he can use the same amount of time working as a private teacher and earning $450. The job as a private teacher is unpleasant to him. He is not willing to do the teaching job unless he is paid at least $X. If Ben finally decided to go to the community center, the value of X must be larger than or equal to [Answer]. (In decimal numbers, with two decimal places, please.)

On the Forbes list of the World's Billionaires, Elon Musk, Bernard Arnault, and Jeff Bezos rank at the top with net worth above $186 billion each. Is the following statement True, False, Both (True and False), or None (neither True nor False) "These richest people in the world do not face scarcity. Scarcity only affects people who are not in the Forbest list

You want to travel to Las Vegas to celebrate spring break and your "A" in your microeconomics class! You are trying to figure out if you should drive or fly. A round trip airline ticket from Riverside to Las Vegas costs $350 and flying there and back takes about 5 hours. Driving roundtrip to Las Vegas costs about $50 in gas and takes about 10 hours. Other things constant, what is the minimum amount of money that you would have to expect to make by gambling in Las Vegas to induce you as a rational individual to fly rather than drive? O $10 an hour $60 an hour O $70 an hour O $300 an hour

You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35. A friend invites you to go kayaking. Rental kayak fees would cost you $25, and you think you’d get $25 worth of enjoyment. Your club ticket is nonrefundable. What is your opportunity cost (in dollars) of kayaking?