Alex works in his own home as a homemaker and full-time caretaker of his children. Officially, he is:
A. unemployed.
B. employed.
C. not in the labor force.
D. in the labor force.
C. not in the labor force.
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Which two of the Ten Principles of Economics are illustrated in this chapter?
a. A country's standard of living depends on its ability to produce goods & People face tradeoffs. b. Prices rise when the government prints too much money & Governments can sometimes improve market outcomes. c. Governments can sometimes improve market outcomes & People face tradeoffs. d. People face tradeoffs & Prices rise when the government prints too much money .
Fairness, according to behavioral economics:
A. is too subjective to be considered in the analysis of economic behavior. B. can be objectively standardized across individuals. C. varies from one individual to another but still affects economic behavior in important ways. D. matters to people, but because of self-interest fairness has little effect on their economic decisions.
If a person has an absolute advantage in some activity, she must have a comparative advantage in that activity as well.
Answer the following statement true (T) or false (F)
Table 10.2Table 10.2 contains price, demand, and cost data for the Capri Theater, the only first-run movie theater in a small town. What is its revenue from non-students under the single price policy?
A. $300 B. $360 C. $450 D. $540