Which of the following must be true of an attorney who buys a portable computer so that she can work on trains and planes?
a. She is engaging in conspicuous consumption.
b. She gets utility from working.
c. She thinks the opportunity cost of her time is higher than it really is.
d. She thinks the opportunity cost of her time is lower than it really is.
e. She is trying to reduce the opportunity cost of traveling.
E
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Higher education creates
a. side payments b. negative externalities c. a wedge between marginal social cost and marginal private cost d. positive externalities e. economic efficiency
In the short run, a firm will eventually experience rising average total costs because of
a. economies of scale. b. diseconomies of scale. c. the law of supply. d. the law of diminishing returns.
Unless there are barriers to prevent free international trade, a country becomes an importer when the world price exceeds the domestic price. In contrast, a country becomes an exporter when the world price is less than the domestic price
Indicate whether the statement is true or false
Assuming the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, the unemployment rate is:
a. 6 percent b. 8 percent c. 4 percent d. 10 percent