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scholarship. (D) Room and board is NOT usually part of the opportunity cost of attending college because

a person requires a place to live and food to eat whether or NOT attending college. Answer : (D)

12. Besides the cost of books, tuition, and fees, what is another opportunity cost of

attending college fulltime? (A) room and board (B) earnings forgone by NOT working (C) the cost of another college certificate (D) the time spent at college Answer : (B)

13. Which economic concept is reflected by the expression "time is money"? (A) opportunity cost (B) specialization (C) market exchange (D) comparative advantage Answer : (A)

14. A test is scheduled for Monday morning. James goes to a party on Saturday night, but if

he had NOT attended the party, he could have studied for the test or gone to a movie. Which of the following is the opportunity cost of going to the party? (A) only the time spent studying for the test (B) only the time spent going to the movie (C) both the time spent going to the movie and the time spent studying (D) either the time spent going to the movie or the time spent studying for the test Answer : (D)

15. Which of the following is an opportunity cost of going to college?

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Test Bank for ECON Micro 1st McEachern  

Test Bank ECON Micro 1st Edition McEachern 2016 (Test Bank Download) (9780176502782) (0176502785). Instant access. All chapter are included....

Test Bank for ECON Micro 1st McEachern  

Test Bank ECON Micro 1st Edition McEachern 2016 (Test Bank Download) (9780176502782) (0176502785). Instant access. All chapter are included....