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

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 

Suppose that you have received $300 as a birthday gift. You can spend it today or you can put the money in a bank for a year and earn 5 percent interest. The opportunity cost of spending the money today is
$315

A marginal change is a
small, incremental change 

The opportunity cost of going to college is
the value of the best opportunity a student gives up to attend college

A construction company has built 50 houses so far this year at a total cost to the company of $8 million. If the company builds a 51st house, its total cost will increase to $8.18 million. Which of the following statements is correct?
all of the above 

A rational decision maker takes an action only if the
marginal benefit is greater than the marginal cost 

After much consideration, you have chosen Ireland over Spain for your Study Abroad program next year. However, the deadline for your final decision is still months away and you may reverse this decision. Which of the following events would prompt you to reverse this decision?
the marginal benefit of going to Spain increases 

According to Adam Smith, the success of decentralized market economies is primarily due to
Individuals' pursuit of self-interest 

The term "market failure" refers to
a situation in which the market on its own fails to allocate resources efficiently 

Market failure can be cause by
externalities and market power 

The fact that different countries experience different standards of living is largely explained by differences in those countries'
productivity levels 

Suppose your economics professor has been offered a corporate job with a 30 percent pay increase. She has decided to take the job. For her, the marginal
benefit of leaving was greater than the marginal cost 

For markets to work well, there must be
property rights 

A positive relationship exists between a country's
productivity and its standard of living

The scientific method is applicable to studying
both natural sciences and social sciences 

The art of scientific thinking is
deciding which assumptions to make 

When constructing a production possibilities frontier, which of the following assumptions are not made?
the quantities of factors of production that are available are increasing over time

Trade between countries
allows each country to consume at a point outside its production possibilities frontier

A country that currently does not trade with other countries could benefit by
not restricting trade

To raise productivity, policymakers could
all of the above