Alex works in his own home as a homemaker and full-time caretaker of his children. Officially, he is
A. not in the labor force.
B. in the labor force.
C. employed.
D. unemployed.
Answer: A
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Use the above table. Assuming constant opportunity costs, the opportunity cost of producing coffee in country Alpha is ________, and the opportunity cost of producing coffee in country Beta is ________
A) 0.33 ton of cookies; 2 tons of cookies B) 3 tons of cookies; 0.5 ton of cookies C) 0.375 ton of coffee; 2.25 tons of cookies D) 2.67 tons of cookies; 0.44 ton of coffee
The model that shows the goods and services the economy is capable of producing is the model of:
A) utility. B) the fallacy of composition. C) production possibilities. D) scarcity.
Small savers who only have enough money to buy a few individual financial assets can use ________ to diversify
A) one company's stock B) one company's bonds C) Treasury securities D) mutual funds
If labor costs $10 per unit and machines rent for $20 apiece, the slope of an isocost line might imply a substitution of:
A. one unit of labor for two units of machinery. B. one unit of machinery for two units of labor. C. two units of machinery for three units of labor. D. one unit of labor for one unit of machinery.