Author Question: Ted quits his 60,000-a-year job to be a stay-at-home dad. What is the opportunity cost of his ... (Read 87 times)

Charlie · **on:** Jun 29, 2018

Ted quits his 60,000-a-year job to be a stay-at-home dad. What is the opportunity cost of his decision?

A) the value he attributes to the joy of parenting
B) at least 60,000
C) zero, since he will no longer be earning a salary
D) depends on the going rate for stay-at-home dads

Question 2

Absolute advantage is

A) the ability to produce a good or service at a higher opportunity cost than one's competitors.
B) the ability to produce more of a good or service than competitors that have fewer resources.
C) the ability to produce more of a good or service than competitors when using the same amount of resources.
D) the ability to produce higher quality goods compared to one's competitors.