Suppose after graduating from college you get a job working at a bank earning $30,000 per year. After two years of working at the bank earning

The word "economy" comes from the Greek word oikonomos, which means
"one who manages a household"

Economics is defined as the study of
how society manages its scarce resources 

Economics deals primarily with the concept of:
scarcity

Which of the following is an example of something economists study?
all of the above are correct 

Scarcity exists when
there is less of a good or resource available than people wish to have 

In most societies, resources are allocated by
the combined actions of millions of households and firms 

The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
people face tradeoffs

Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?
Andrew must decide between going to Florida or Brazil for spring break 

When the government implements welfare programs, which of the following is likely to occur?
equity is increased and efficiency is decreased 

A tradeoff exists between a clean environment and a higher level of income in that
laws that reduce pollution raise costs of production and reduce incomes 

The opportunity cost of an item is
what you give up to get that item 

Suppose after graduating from college you get a job working at a bank earning $30,000 per year. After two years of working at the bank earning the same salary, you have an opportunity to enroll in a one-year graduate program that would require you to quit your job at the bank. Which of the following should not be included in a calculation of your graduate program cost?
the $45,000 salary that you will be able to earn after having completed the program