Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, Tom could have:
A. (16 dishes, 4 fences) or (8 dishes, 2 fences).
B. (8 dishes, 2 fences), or (4 dishes, 6 fences).
C. (8 dishes, 2 fences), or (4 dishes, 3 fences).
D. (12 dishes, 3 fences), or (8 dishes, 3 fences).
C. (8 dishes, 2 fences), or (4 dishes, 3 fences).
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If net taxes fall by $80 billion, we would expect
A) the government deficit to fall by $80 billion. B) household saving to rise by $80 billion. C) household saving to fall by more than $80 billion. D) household saving to rise by less than $80 billion.
In Spain, people are considered organ donors unless they explicitly indicate they do not want to be. In the United States, people are only considered organ donors if they explicitly indicate they wish to be. Behavioral economics would suggest that
A) everything else equal, the opt-in system of Spain would generate more organ donors. as a percentage of the adult population. B) everything else equal, the opt-in system of the United States would generate more organ donors as a percentage of the adult population. C) everything else equal, the opt-out system of Spain would generate more organ donors. as a percentage of the adult population. D) everything else equal, the opt-out system of the United States would generate more organ donors as a percentage of the adult population.
In order to increase sales the firm can
a. Increase the reference price for the product b. Decrease prices c. Differentiate their product d. All of the above
During the Middle Ages, heretics were often burned at the stake. Were the heretics violating the assumption of rational self-interest? Explain
What will be an ideal response?