ECON 1000 Study Guide - Marginal Cost, Marginal Utility, Opportunity Cost

11) Sally has to decide whether to study for her economics test or her accounting test. If she chooses to study for accounting, her opportunity cost of studying accounting is A) the future lost wages that will occur if she fails her accounting exam. B) equal to the value of studying economics. C) not comparable to the value of studying economics. D) less than the value of studying economics. E) studying economics.

8) Sally has to decide whether to study for her economics test or her accounting test. If she chooses to study for accounting, her opportunity cost of studying accounting is A) equal to the value of studying economics. B) studying economics. C) not comparable to the value of studying economics. D) less than the value of studying economics. E) the future lost wages that will occur if she fails her accounting exam.

7) Which one of the following is a part of the opportunity cost of attending college for an individual who lives on their own? A) cost of clothing B) cost of transportation C) cost of renting movies D) cost of tuition E) cost of meals