If Karen gets up early and studies three hours for her test, she is likely to get an A. If she sleeps in, she will probably get a C. What is the opportunity cost of sleeping in?
(A) Three additional hours of study.
(B) a C.
(C) An A.
(D) Three additional hours of sleep.
Ans: (A) Three additional hours of study.
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Which of the following is not an example of intra-industry trade?
a) England exports beef to Ireland, and imports Irish potatoes b) the Dutch export elm trees and import lumber products c) Canadians touring the US side of Niagara Falls stay in US motels while Americans touring the Canadian side stay in Canadian hotels d) Russia exports oil and imports capital equipment e) Norwegians deposit funds in Swiss banks while the Swiss buy insurance from Norway
Suppose that the price level in Country A increase relative to the price level in other countries. In which of the following ways are Country A's imports and exports most likely to change?
a. increase; no change b. increase; decrease c. no change; decrease d. no change; increase e. decrease; increase
What are the advantages to a firm of selling gift certificates?
A. Reduced strain on the refund department and greater quantity sold if your good is a normal good. B. Greater quantity sold if your good is an inferior good. C. Greater quantity sold if your good is a normal good. D. Reduced strain on the refund department and greater quantity sold if your good is an inferior good.
When the price of sausages is $2.00 per pound, consumers buy 50 pounds of fish. When the price of sausages rises to $3.00 per pound, 60 pounds of fish are purchased. The cross price elasticity of demand between sausages and fish is approximately equal to
A. +0.04. B. +2.20. C. +0.45. D. -0.45.