An individual rents an apartment for 200 per month. His monthly opportunity cost of commuting to work from this apartment is 50. After a year, he moves to an apartment closer to his place of work, but pays 250 as rent.
Compared to the initial situation, after a year: A) his direct cost of renting the apartment increases, while the indirect cost of renting the apartment remains unchanged.
B) his direct cost of renting the apartment increases, while the indirect cost of renting the apartment decreases.
C) his direct cost of renting the apartment remains the same, while the indirect cost of renting the apartment decreases.
D) his direct cost of renting the apartment remains the same, while the indirect cost of renting the apartment increases.
Question 2
Why would an economist claim that oil comes out of our minds?
A) She wants to sound silly.
B) She wants to tell lies.
C) She wants to remind us that the recognition of useful resources is a product of our mental abilities.
D) She wants to sound like a really big and important theorist and could not care less about the facts of the real world.
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