Problem 1: The opportunity cost of attending college is _________.
a. the money one spends on college tuition, books, and so forth
b.the highest valued alternative one forfeits to attend college
c. the least valued alternative one forfeits to attend college
d. equal to the salary one will earn when one graduates from college
Problem 2: Macroeconomics deals with __________.
a. what is
b. what should be
c. relatively small units in the economy
d. aggregates of the entire economy
Problem 3: Economics deals with the actions of ___________.
a. individuals only
b. societies only
c. both individuals and societies
d. neither individuals nor societies
Problem 4: Choice is fundamentally a consequence of _________.
a. living in a world where there is both good and bad
b. how wealthy one is
c. scarcity
d. opportunity cost