If the opportunity cost of time is ________, and an individual spends ________ commuting every month, his opportunity cost of commute is $100 every month
A) $5 per hour; 10 hours
B) $8 per hour; 20 hours
C) 10 per hour; 10 hours
D) $12 per hour; 5 hours
C
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Refer to Figure 18-6. If area X = 2,060, area Y = 240, and area Z = 2,700, calculate the Gini coefficient for Islandia
A) 0.41 B) 0.45 C) 0.70 D) 0.76
An unintended effect of a new tax placed on the producers of good A may include
A. a higher price paid by the consumers of good A. B. less consumers' surplus for the buyers of good A. C. fewer workers employed in the production of good A. D. all of the above
A disadvantage of corporations over a proprietorship or partnership is in the
A) legal liability. B) ability to raise funds. C) taxation system. D) future of the firm when an owner dies.
Define the following terms and explain their importance to the study of economics
a. monopolistic competition b. oligopoly c. cartel d. oligopolistic interdependence