The opportunity cost of taking a semester-long economics class is
A) the cost of tuition and fees only.
B) equal to the highest value of an alternative use of the time and money spent on the class.
C) the value of the time spent in the classroom.
D) the knowledge and enjoyment you receive from attending the class.
E) zero because there is no admission charged if you are enrolled in the course.
Question 2
If you burn your trash in the backyard in spite of regulations against it, then you are
A) acting economically irrationally and creating a social cost.
B) acting rationally and creating a positive externality.
C) saving landfill space and creating a social benefit.
D) avoiding the private costs associated with disposing your trash some other way and creating a social cost.
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Cost Accounting 14
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