Premium Essay

Lewl

In: Business and Management

Submitted By reedef
Words 356
Pages 2
Multi Choice
Mc1.)d
Mc2.)c

Question 1
Opportunity cost is the next best alternative, for example. If a man walked into a shop looking for a drink, he saw two that he liked, Coke and Fanta. The man decides to go with coke, so, his opportunity cost(next best alternative to Coke) is Fanta.

Question 2
Increase in University fees- Students would be less obligated to go to Uni as when they leave they will be in more debt than before, so they would have more incentive to use there time and money elsewhere. Fall on interest rates charged to student loan- This would increase incentive to attend university as not kids who might not of attend before due to the debt of a student loan being to big, has now shrunk as interest rates have fallen. Thus cheaper to attend University.
A rise in wages for unskilled jobs- Would decrease the incentive to go to Uni as now some students might think that there time will be better spent working instead of going to Uni as the minimum wage has increased thus the decrease in incentive to attend Uni.
An increase in the average salary of university graduates- This would increase incentive to attend
Uni as now students will have more of a desire to attend Uni and graduate as now they will be earning more money due to the average salary of university graduates

Q4 Economic logic
a) John cant be sure that every time he washes his car it will rain the next day as they are completely different things which don't effect each other at all.
b) This may be the case that these students grades are increasing by 30% but they are are a minority in the school so just because they hire more tutors and make it mandatory to attend after school tutoring the all of the students grades wont necessarily improve.
c) Usually people who drive hybrid cars care more about the economy than people who drive say diesel injected cars but just…...

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