Which of the following should not be considered as an opportunity cost of attending college?
a. Expenses that are the same whether or not you attend college
b. Lost salary
c. Business lunches
d. Interest that could have been earned on your money had you put the money into a savings account, rather than spent it on tuition
e. Opportunities sacrificed in the decision to attend college
Question 2
Despite the warning on a package of cigarettes about the potential health hazards of smoking, a man lights up a cigarette. An economist would conclude that:
a. in the man's judgment, the expected marginal cost of smoking the cigarette outweighs the expected marginal benefit.
b. the man is behaving irrationally.
c. the smoker is unconcerned about his future health.
d. in the man's judgment, the expected marginal benefit of smoking the cigarette outweighs the expected marginal cost.
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