2(b)(i) Timothy quits his job, which pays $6000 a year to enroll in a 2-year graduate program. His annual school expenses are $60000 for tuition, $8000 for books and $1400 for food. What is his opportunity cost of attending the graduate program. 2b(ii) What core principles are considered in Timothy’s decision making? Scarcity, choice and opportunity cost Cost-Benefit analysis Incentive principle Diminishing returns Select one: All principles are considered (i) only (i) and (ii) only (i), (ii) and (iii) only (ii) and (iii) only (i) and (iv) only (ii) and (iv) only (iii) and (iv) only
2(b)(i) Timothy quits his job, which pays $6000 a year to enroll in a 2-year graduate program. His annual school expenses are $60000 for tuition, $8000 for books and $1400 for food. What is his opportunity cost of attending the graduate program. 2b(ii) What core principles are considered in Timothy’s decision making? Scarcity, choice and opportunity cost Cost-Benefit analysis Incentive principle Diminishing returns Select one: All principles are considered (i) only (i) and (ii) only (i), (ii) and (iii) only (ii) and (iii) only (i) and (iv) only (ii) and (iv) only (iii) and (iv) only
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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2(b)(i) Timothy quits his job, which pays $6000 a year to enroll in a 2-year graduate program. His annual school expenses are $60000 for tuition, $8000 for books and $1400 for food. What is his
2b(ii)
What core principles are considered in Timothy’s decision making?
- Scarcity, choice and opportunity cost
- Cost-Benefit analysis
- Incentive principle
- Diminishing returns
Select one:
- All principles are considered
- (i) only
- (i) and (ii) only
- (i), (ii) and (iii) only
- (ii) and (iii) only
- (i) and (iv) only
- (ii) and (iv) only
- (iii) and (iv) only
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