The end result of individual choices may be different from what one individual intends.
Indicate whether the statement is true or false.
Answer: True.
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Assume that an individual with an opportunity cost of time of $20 per hour has to choose between renting four apartments. The rents of the four apartments and the individual's monthly commuting time to work are shown in the following table
Calculate the direct cost, indirect cost, and total cost that the individual will incur if she rents any of these apartments. Also, determine the apartment that is optimum for the individual. Graph the total cost involved for the various choices. Apartment Monthly Commuting Time (hours) Rent ($) 1 60 2,800 2 90 2,200 3 120 1,500 4 150 1,400
A perfectly inelastic demand curve exhibits
A) zero responsiveness to changes in price. B) zero quantity demanded when there is a slight change in price. C) a change in quantity demanded that is proportional to the change in price. D) a change in quantity demanded that is always twenty percent of the change in price.
How can a person be an indirect stockholder?
a. by owning stock in a fictitious name b. by owning stock in one company and bonds in another company c. by the government owning stock in a corporation d. by a spouse owning stock in a corporation e. by being a part of a pension fund that invests in stock in corporations
Large economies, such as the U.S. economy, should ________ adopt a flexible exchange rate, because giving up the power to stabilize the domestic economy via monetary policy ________.
A. nearly always; comes with a high cost B. nearly always; is of little consequence C. almost never; is of little consequence D. almost never; comes with a high cost