Question

Class: (Winter 2020) $ 6000 2. Suppose you have a choice of working full-time tuition and books are $2,200. If you worked, you e of working full-time during the summer or going full-time to summer school. Summer regardless of your choice. If these are the only rele are $2,200. If you worked, you could make $7,000. Your rent is $1,000 for the summer, summer school is: ce. If these are the only relevant costs to consider, the opportunity cost of going to a. $2,200. - $2,200 + $ 7.000 b. $7,000. c. $8,000. d. $9,200. e. $10,200. 8. Suppose you have an hour before your next class starts. You can either read a book, get something to eat, or take a nap. The opportunity cost of getting something to eat is: a. the cost of what you eat. b. the value of reading and sleeping. c. the loss of value from not reading or sleeping. d. the net benefit of sleeping for another hour. e. impossible to determine because the most preferred alternative is not known. - 3.200 T 1000- 0 A maior distinguishing feature between capitalist and socialist (or command) economies is that a. the average citizen is always wealthier in capitalist economies than in socialist economies. decision making is typically decentralized in socialist economies and is centralized in capitalist economine rivately owned in capitalist economies and private property rights are enforced by a c. resources are privately owned in capitalist dictator in command economies. d. resources are publicly owned in capitalist economies. is typically decentralized under capitalism, while it is centralized in command economies. e. decision making is typically decentralized und

Answer 1

Answer 7 : Option D is correct. The opportunity cost of going on school is $9200. The tution and books are $2200 and salary paid by foregone the work is $7000. So, total opportunity cost that has been foregone for study is $9200.

Answer 8 :Option E is correct. The opportunity cost has not been determined because the most preferred alternative has not been known. As preferred alternatives has not been known for the opportunity cost.

Answer 9 : Option E is correct. A major distinguish between capitalist and socialist economics is that decision making is typically decentralized under capitalism while it is centralized in command economics. It means that decision making should be taken as decision are taken capitalist economics.

Answer 10: Option D is correct. Point F represent shows that an inefficient combination of both good A and good B result in an inefficient allocation of resources.