For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat all of the meals, your average cost for a meal is:
A. $5.
B. $0.25.
C. $6.
D. $4.
Answer: D
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Which of the following statements correctly characterizes the problem with comparing production outcomes that are stocks and flows?
A) Labor usage is always a flow, which makes it difficult to compare with stock inputs like capital. B) Most capital inputs are stocks, but the returns on these investments (profits) occur as a flow. C) Most capital inputs are flows, but economists treat these expenditures as stocks by using the opportunity or economic costs associated with these inputs. D) Business returns or profits may be equivalently viewed as stocks or flows, which makes it difficult to compare the returns with the input expenditures.
The federal government is concerned about the negative effects of cigarette smoking in the United States. Suppose Congress is considering two plans. One plan would limit the production of cigarettes. The other would require manufacturers to include graphic photos on cigarette packages of people suffering cancer's effects. Which of the following statements is true?
a. Both programs would increase the price of cigarettes. b. Both programs would reduce the quantity of cigarettes sold. c. Both programs would decrease revenues for cigarette manufacturers. d. All of the above are correct.
Examples of employment discrimination would include
A. the legendary Negro league pitcher Satchel Paige who was not allowed to pitch in the major leagues until he was in his late 40s. B. the large majority of women in the 1950s and 1960s who were typists or secretaries. C. the attitude that typing, filing and other clerical positions were "women's work". D. all of the examples are true.
Statistical studies in the United States have reached the conclusion that for low-income workers
A. the substitution effect is greater than the income effect. B. the income effect is greater than the substitution effect. C. the income effect is about equal to the substitution effect. D. the substitution effect is of the “wrong” sign.