Explain why it is more likely that the opportunity cost of attending a 7:00 a.m. class is forgone sleep but that this is not reasonably likely to be the case for a class that meets at 12:00 noon
What will be an ideal response?
At 7:00 a.m. there might not be too many other opportunity costs for your time. Forgone sleep might reasonably be an opportunity cost of your time. However, at 12:00 noon while it is possible that forgone sleep is your opportunity cost it is not likely since there are probably other things of higher value that you have given up by then unless you are a very late sleeper.
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Refer to Scenario 10.3. What level of output maximizes revenue?
A) 0 B) 45 C) 85 D) 125 E) 245
Given the scenario described, if the market price of hammers increased from $7 to $11:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. more producers would participate in the market. B. only Bob's Hardware would lose surplus. C. both Bob's Hardware and Lace Hardware would lose surplus. D. House Depot is the only producer that will gain surplus.
The trade-off between unemployment and inflation is usually shown by the
a. supply curve and the demand curve. b. aggregate expenditure curve. c. production possibilities curve. d. Phillips curve.
Big-push strategy investments are designed to
a. aid the rich landowners (who run the LDC governments) at the expense of the poor peasants b. invite back successful colonial development into the LDCs c. keep new forms of colonialism out of the LDCs d. generate tax revenues for development e. create the all-at-once development upon which private investment can flourish