Refer to Table 3.1. Suppose there is a monthly tax of $100 on the house that you rent. How does this affect the number of hours you spend mowing the lawn?
A. Less time would be spent mowing the lawn because the cost of mowing the lawn would increase.
B. Less time would be spent mowing the lawn because the benefit of mowing the lawn would decreases.
C. More time would be spent mowing the lawn because the net benefits of mowing the lawn would increase.
D. There would be no change in the amount of time spent mowing the lawn.
D. There would be no change in the amount of time spent mowing the lawn.
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Refer to the above figure. Mario is self-sufficient and so is Mia. Each produces 6 dishes of pasta and 4 pizzas. Mario and Mia decide to specialize and trade
After they have specialized and traded, compared to the initial situation, Mia's opportunity cost of pasta has ________ and Mario's opportunity cost of a pizza has ________. A) decreased, decreased B) decreased, increased C) increased, increased D) increased, decreased
Why might reforms to encourage saving lead to a less egalitarian society?
Benefits from international trade are not based on differences in
A. resource availability. B. technological capabilities. C. income levels. D. product quality and other attributes.
Suppose that Victoria and her friends are running a fundraiser by selling donuts. They want to know what will happen to their revenue if they increase the price of each donut from $0.80 to $1. What concept do they need to apply to find out their expected revenue?
A. price elasticity of supply B. price elasticity of demand C. cross elasticity of demand D. income elasticity of demand