c.
potential fame that could come from creating a useful app.
d.
cost of supplies and the technology fees she paid during the first three years of college.
ANSWER:
d
56. Alan Patel is a college student living alone in a campus apartment. He finished cooking dinner when his friends text him to join them at the dining hall on campus for dinner. He now has to decide whether to eat the dinner he prepared or walk to campus to meet his friends at the dining hall. Alan should consider all the following costs when making this decision EXCEPT the
a.
time he spent cooking the dinner.
b.
time it will take to walk, meet his friends, and walk back.
c.
amount of money he will spend at the dining hall.
d.
value he places on eating dinner with his friends.
ANSWER:
a
57. Alan Patel is a college student living alone in a campus apartment. He finished cooking dinner when his friends text him to join them at the dining hall on campus for dinner. He now has to decide whether to eat the dinner he prepared or walk to campus to meet his friends at the dining hall. Alan should consider all the following costs when making this decision EXCEPT the
a.
time it will take to go meet his friends and walk back.
b.
amount of money he will spend at the dining hall.
c.
money spent on the groceries he used to cook dinner.
d.
value he places on not eating dinner alone.
ANSWER:
c
58. You are thinking of starting a tutoring service. You already have a part-time job on campus that pays $10 per hour. You think you can tutor fellow students for five hours each Saturday at $25 per hour. If you were not tutoring, you could work another five hours at your campus job. How much economic surplus will you generate each week if you start tutoring?
a.
$125
b.
$75
c.
$65
d.
$50
ANSWER:
b
59. You are thinking of starting a tutoring service. You already have a part-time job on campus that pays $20 per hour. You think you can tutor fellow students for five hours each Saturday at $25 per hour, and you have already printed $10 worth of flyers to hang on campus for advertising. If you were not tutoring, you could work another five hours at your campus job. How much economic surplus will you generate each week if you start tutoring?
a.
$125
b.
$100
c.
$25
d.
$15
ANSWER:
c
60. You have paid $100 for student season tickets to the football games at your university. It is halfway through the season, and the team has not won any games. You are considering whether you will attend any future games this season. All of the following are costs or benefits you should consider when making this decision EXCEPT the
a.
cost of a hotdog and soda you will inevitably buy at a future game.
b.
time spent at the game rather than studying.
c.
frustration experienced from watching the team lose in previous games.
d.
$5 you will earn per game by selling the remaining tickets.
ANSWER:
c
61. You have paid $100 for student season tickets to the football games at your university. It is halfway through the season, and the team has not won any games. You are considering whether you will attend any future games this season. All of the following are costs or benefits you should consider when making this decision EXCEPT the
a.
$100 you spent on the season tickets.
b.
time spent to go to the game instead of studying.
c.
satisfaction you will get if your team wins a game.
d.
$5 you can make per game by selling your remaining tickets.
ANSWER:
a
62. The __________ suggests, decisions about quantities are best made incrementally.
a.
cost-benefit principle
b.
opportunity cost principle
c.