1 Which of the following is not included in the opportunity cost of going to school a The money a student could have earned by working if he had not gone to college b The nap a student could have enjoyed if she had not attended class c The party a student could have enjoyed if he had not stayed in to study for his exam d The money a student spends on rent for her apartment while attending school 2 Suppose you have a choice of working full time during the summer or going to summer school full time Summer tuition and books cost $1,000 If you worked, you could be earning $5,000 Your rent for the summer is $1,500 irrespective of your choice If these are the only relevant costs to consider, the opportunity cost of going to summer school is a $2,200 b $1,000 c $5,000 d $6,000 3 In the example above, the amount of $5,000 is called a Explicit cost b Implicit cost c Sunk cost d Average cost 4 If the price of milk rises, when is the price elasticity of demand for milk likely to be the lowest a immediately after the price increase b one month after the price increase c three months after the price increase d one year after the price increase 5 What does having comparative advantage over someone else mean a Being more efficient than someone else in producing goods and services b Being more productive than someone else in producing goods and services c Producing goods and services at a lower opportunity cost than someone else d Producing goods and services at a higher opportunity cost than someone else Price S $2 00 1 50 1 00 P 0 50 D O 500 Quantity 1,000This one cleans your clothes and has racing stripes This one cleans your clothes and costs 50 less THE PODS ARM B HAMMER POWER FANS BONUS 10 MORE ULTRA POWER ARM HAMMER PLUS OXICLEAN POWER PAKS THE CLEAN YOU NEED AT A FRACTION OF THE COST er load vs the li armandhammer fprice P' P Q Q 4 WaxtityGood B 09 h d b C Good A

Question

1  Which of the following is not included in the opportunity cost of going to school  a  The money a student could have earned by working if he had not gone to college  b  The nap a student could have enjoyed if she had not attended class  c  The party a student could have enjoyed if he had not stayed in to study for his exam  d  The money a student spends on rent for her apartment while attending school  2  Suppose you have a choice of working full time during the summer or going to summer school full time  Summer tuition and books cost $1,000  If you worked, you could be earning $5,000  Your rent for the summer is $1,500 irrespective of your choice  If these are the only relevant costs to consider, the opportunity cost of going to summer school is  a  $2,200 b  $1,000 c  $5,000 d  $6,000 3  In the example above, the amount of $5,000 is called  a  Explicit cost b  Implicit cost c  Sunk cost d  Average cost 4  If the price of milk rises, when is the price elasticity of demand for milk likely to be the lowest  a  immediately after the price increase b  one month after the price increase c  three months after the price increase d  one year after the price increase 5  What does having comparative advantage over someone else mean  a  Being more efficient than someone else in producing goods and services  b  Being more productive than someone else in producing goods and services  c  Producing goods and services at a lower opportunity cost than someone else  d  Producing goods and services at a higher opportunity cost than someone else  Price S $2 00 1 50 1 00 P 0 50 D  O 500 Quantity 1,000This one cleans your clothes and has racing stripes  This one cleans your clothes and costs 50  less  THE PODS ARM B HAMMER POWER FANS BONUS  10  MORE ULTRA POWER ARM   HAMMER  PLUS OXICLEAN POWER PAKS THE CLEAN YOU NEED AT A FRACTION OF THE COST  er load vs the li armandhammer fprice P' P   Q Q 4 WaxtityGood B 09 h   d b C Good A

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a.	The money a student could have earned by working if he had not gone to college.
b.	The nap a student could have enjoyed if she had not attended class.
c.	The party a student could have enjoyed if he had not stayed in to study for his exam.
d.	The money a student spends on rent for her apartment while attending school.

Question

1. Which of the following is not included in the opportunity cost of going to school? a. The money a student could have earned by

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a.	immediately after the price increase
b.	one month after the price increase
c.	three months after the price increase
d.	one year after the price increase