. Saturday afternoon you can either attend a street festival, work and earn $100, or study for your midterm exam. You flip a coin between the street festival and studying, but did not really consider working. The coin flip determined that you would stay home and study. The opportunity cost of the time spent studying includes:
A. the loss of $100 worth of wages and going to the street festival.
B. earning a high score on your midterm.
C. the benefit that could have been received at the street festival.
D. The time you spent deciding upon using a coin flip to determine your Saturday afternoon activity.
C. the benefit that could have been received at the street festival.
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Ann is waiting to be recalled after a layoff. Bill also has no job at the moment and is not searching for one. Who is officially "unemployed"?
A) Ann B) Bill C) Ann and Bill D) neither Ann nor Bill
The increase in tax on state bank notes from 2 to 10 percent provided state banks incentive to
(a) attract more demand deposits and increase the use of checks. (b) increase the amount of state notes and use them to extend bank credit. (c) increase the minting of coins and use them for exchange and lending purposes. (d) all of the above.
If GNI adjusted for cost of living in China is about $13,000 while GNI adjusted for cost of living is about $56,000 in the United States, then
A. China enjoys a higher purchasing power parity. B. Americans enjoy a higher standard of living C. The U.S. economy is growing more steadily than China's economy. D. China's economy is growing faster than the U.S. economy E. China's standard of living should catch up to that of the United States in about four years.
An industry with a Herfindahl-Hirschman index of 5,000 would have ____ firm(s).
A. 1 B. 2 C. 5 D. 10