Econ 101 Exam 1

In most societies, resources are allocated primarily by
the combined actions of millions of households and firms
For which of the following individuals would the opportunity cost of going to college
be highest?
a highly-paid young movie star who take
s time away from Hollywood to get her
degree.
Tina is planning to sell her house, and sh
e is considering making two upgrades to the
house before listing it for sale. Replacing the carpeting will cost her $3,000 and
remodeling the kitchen will cost her $12,000. Tina expects the new carpeting to increase
the value of her house by $1,000 and the remodeled kitchen to increase the value of her
house by $10,000. Tina should
not make either improvement to her house.
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