Moe Has a Big Exam Tomorrow

question 47

Multiple Choice

Moe has a big exam tomorrow. He considered studying this evening, but decided to hang out with Curly instead. If neither activity involves any explicit costs, and Moe always chooses rationally, then it must be true that:

• A) the opportunity cost of studying is greater than the value Moe gets from spending time with Curly.
• B) the opportunity cost of studying is less than the value Moe gets from spending time with Curly.
• C) Moe gets more benefit from spending time with Curly than from studying.
• D) Moe gets less benefit from spending time with Curly than from studying.

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Definitions:

Union Dues

Membership fees paid by workers to labor unions to support the union's operations and activities.

Fiduciary Responsibility

The obligation to act in the best interest of another party, such as a trustee's duty towards beneficiaries or a director's duty to company shareholders.

Landrum-Griffin Act

A 1959 United States law aiming to regulate labor unions' internal affairs and their officials' relationships with employers.

Department Of Labor

A cabinet-level department of the U.S. government responsible for occupational safety, wage standards, unemployment insurance benefits, re-employment services, and some economic statistics.