The strong cyclical pattern in consumer ________ spending strengthens the case for policy ________
A) nondurables, activism
B) nondurables, rules
C) durables, activism
D) durables, rules
E) services, rules
C
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Janelle spends all of her $40 income on songs from iTunes ($1 each) and applications ($4 each) for her iTouch. What is her budget equation?
A) $1 × Qsong - $5 × Qapp = Y B) Qsong = 10 - 4 × Qapp C) $40 + $1 × Qsong = $4 × Qapp D) Qapp = 10 - 1/4 × Qsong
Susan Sneed gave up her $55,000 job at ACC, Inc to return to college to change careers. She reduced her wardrobe to cheaper jeans and t-shirts, paid $5,000 in tuition, continued to make her family's $1,200 per month home mortgage payments, and bore the burden of a variety of inane comments about the stupidity of older students giving up good paying jobs to return to school. Which of the above
items is not needed to determine the opportunity cost of her return to college? a. her $55,000 ACC, Inc. salary b. the altered wardrobe costs c. the $5,000 tuition expense d. her family's $1,200 per month mortgage expense e. psychological stress from inane comments
Jessica receives a raise at her current part-time job from $9 to $11 per hour. If her labor supply curve is backward sloping, she will work fewer hours after receiving the pay raise
a. True b. False Indicate whether the statement is true or false
Which of the following statements about costs is correct?
a. When marginal cost is less than average total cost, average total cost is rising. b. The total cost curve is U-shaped. c. As the quantity of output increases, marginal cost eventually rises. d. All of the above are correct.