Economists characterize utility as ______.
a. essentially useless
b. highly volatile
c. strictly personal
d. ultimately unachievable
c. strictly personal
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Assuming that full employment of labor is considered 5 percent unemployment, in 1998 and 1999, the United States economy operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
A tax that reduces economic efficiency is always bad policy
a. True b. False Indicate whether the statement is true or false
Suppose the cost of operating a 75 room hotel for a night is $6,000 and there are 5 empty rooms for tonight. If the marginal cost of operating one room for one night is $40, the hotel manager should rent one of the empty rooms only if a customer is willing to pay
a. more than $40, as the average benefit will exceed the marginal cost. b. more than $40, as the marginal benefit will exceed the marginal cost. c. more than $80, as the average benefit will exceed the marginal cost. d. more than $80, as the marginal benefit will exceed the marginal cost.
Refer to the given data. What will be the profit-maximizing wage rate?
Use the resource demand data shown on the left and the resource supply data on the right in answering the following question:
A. $6.
B. $5.
C. $4.
D. $3.