You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your opportunity cost of seeing a movie this afternoon?
A. $8
B. $12
C. $57
D. $22
Answer: D
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According to the theory of rational ignorance, which of the following prevents people from voting?
a. If they feel their vote will not matter in the election b. If they will be required to show voter identification c. If they believe that politicians are unethical d. If they do not belong to a specific political party
Figure 11-3
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In Figure 11-3, which line represents the change in the consumption schedule caused by a cut in fixed taxes?
A. C1 in graph (a) B. C2 in graph (a) C. C1 in graph (b) D. C2 in graph (b)
The Sherman Antitrust Act was enforced in 1906 by a ruling of the Supreme Court regarding the monopolization of the oil industry by
A) Getty Oil of Oklahoma.
B) Texaco Oil of Texas.
C) Gulf Oil of Pennsylvania.
D) Standard Oil of New Jersey.
In the long run, the output level is determined by
A. aggregate demand. B. aggregate supply. C. household income. D. the government.