[ECON101] - Final Exam Guide - Ultimate 42 pages long Study Guide!

Emma decided to study an extra hour an extra hour for her Economics exxam instead of completing the final edit for her English Lit paper. Assume that Emma's best opition is to study for her exam and her next best opition is to edit her paper. The opportunity cost of this decision is best measured as the amoung by which Emma's grade may:

a. rise on her English Lit paper

b. rise on her Economics exam

c, fall on her English Lit paper

D, fall on her Economics exam

1) Ted chooses to study for his economics exam instead of going to the concert. The concert he will miss is Ted's of studying for the exam. A) discretionary cost B) monetary cost C) absolute cost D) comparative cost E) opportunity cost

Which statement best illustrates the law of diminishing returns from studying?

a) As hours of studying decrease, the student's GPA will also diminish.

b) As study hours increase, the amount of learning will increase at a diminishing rate.

c) Students with higher GPAs tend to study fewer hours on the night before a big exam.

d) Students who cram the night before a big exam do not show much improvement in their learning.