1) Which of the following are endogenous factors in a student’s decision about w
ID: 1169726 • Letter: 1
Question
1) Which of the following are endogenous factors in a student’s decision about whether to attend a particular college? (There can be more than one answer)
A. location of the school
B. classes/majors offered
C. ability to apply for scholarship money
D. price of tuition
E. price of room and board
2) Which of the following describes Jonathan having a comparative advantage in producing apples?
A. being able to produce more apples (by weight) than anyone else
B. being able to produce more apples (by volume) than anyone else
C. giving up less production of other goods when producing an apple
D. being able to sell apples at a lower price than anyone else and still make a profit
A. location of the school
B. classes/majors offered
C. ability to apply for scholarship money
D. price of tuition
E. price of room and board
2) Which of the following describes Jonathan having a comparative advantage in producing apples?
A. being able to produce more apples (by weight) than anyone else
B. being able to produce more apples (by volume) than anyone else
C. giving up less production of other goods when producing an apple
D. being able to sell apples at a lower price than anyone else and still make a profit
Explanation / Answer
Endegeneous factors are those that are defined inside the model. All factors are nedogeneous factors here.
Comparative advantage is defined by opportunity cost, the amount of other good goiven up to produce a particular good. The asnwer is:
C. giving up less production of other goods when producing an apple
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