Author Question: George was assigned to read a chapter in economics tonight, but he has a math exam tomorrow. He ... (Read 67 times)

nenivikky · **on:** Jun 29, 2018

George was assigned to read a chapter in economics tonight, but he has a math exam tomorrow. He chooses to study for the math exam and postpone his economics studies until after the exam. What is the opportunity cost of George's decision?

A) The lower math grade he would have received had he not studied for the math exam
B) The economics knowledge he sacrificed by not reading the assigned chapter
C) Both A and B above
D) Without information regarding the price of the textbook and the value to George of the math exam, George's opportunity cost cannot be determined.

Question 2

Refer to the figure above. How many chairs were imported by Lithasia before the tariff was imposed by the government?

A) 25 units
B) 50 units
C) 55 units
D) 60 units