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FC5: Human capital, opportunity cost, cost/benefit analysis
By Jeffrey See
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Last updated over 6 years ago
5 questions
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Question 1
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Question 2
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Question 3
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Question 4
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Question 5
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An investment in
human capital
leads to
lower productivity
greater productivity
lower standard of living
higher wages
higher standard of living
The next best alternative you give up when making a choice is called
trade-off
scarcity
opportunity cost
economics
If you choose to go to college full time rather than going directly to work after graduation, your opportunity cost would be
the friends you developed while at college
the tuition and books you paid for while at college
the income you could have earned while working
the social life at college
When weighing the expected benefits and costs of your actions, you are involved in what kind of decision making process?
impulsive decision making
marginal analysis decision making
spontaneous decision making
independent decision making
When making a rational decision, how are the
marginal benefit
(MB) and
marginal cost
(MC) related to each other?
MB < MC
MB > MC
MB > or = MC
MB = MC