Answered: True or False Opportunity costs are…

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Economics

True or False Opportunity costs are roughly the same for everyone who attends college.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.2: Trade-offs

Problem 2R

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True or False

Opportunity costs are roughly the same for everyone who attends college.

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Suppose your friend ask you to go watching a movie while you are studying for an examination. what would be the opportunity cost of watching the movie? Explain your answer.
What is an opportunity cost? Give an example from class or make up your own.
Identify three categories of opportunity costs that you will incur for getting a university degree.
Rob decided to drive to school rather than take the school bus. What was the opportunity cost of Rob’s decision?
Identify the types of opportunity cost that people often undervalue,and explain why undervaluing them distorts decision making.
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What are the decisions that people have usually made that incurred opportunity costs?
Someone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it.
The opportunity cost of an action is a) the money that you pay take it b)the Value of the best alternative forgone c) the difference between the Value you get and the price that you pay for it d) the value you place on its result e) everything that you forgo when you take it.
How can opportunity cost affect behavior?
Some college students have claimed that because their incomes will be higher as a result of attending college, there is no opportunity cost of attending college. Do you agree? Explain.