Related to the Economics in Practice on p. 26: Based on the increase in the number of women in the labor force over the past 60 years, the opportunity cost of preparing a home-cooked meal
A. decreased.
B. dropped to zero.
C. remained constant.
D. increased.
Answer: D
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Refer to Figure 4-11. What is the value of the portion of consumer surplus that has been transferred to producer surplus as a result of the price floor?
A) $1,200 B) $1,500 C) $1,800 D) $3,000
Over the past few years, airlines have tended to compete in the market for intercontinental business class travelers on the basis of:
A) price. B) cost. C) timeliness of their flight schedules. D) amenities.
The opportunity cost of an economic action is
a. the value of the next best alternative that must be sacrificed b. an issue in normative economic theory c. the expense for the resources used plus the firm's profit d. the out-of-pocket cost e. the option to pay a reduced fee for the action
According to the textbook, if students are graded on a curve so that each student's grade depends upon their performance relative to other students, the resulting positional arms race are partially offset by social norms that:
A. encourage people to save money for college. B. encourage everyone to study hard. C. award only the very top performers. D. discourage studying by labeling hard-working students as "nerds".