Suppose an acre of land yields 100 bushels of corn and that one bushel of corn provides enough seed for one-quarter of an acre of land. The opportunity cost of consuming another 100 bushels of corn today is
A. 25 bushels of corn next year.
B. 2.5 bushels of corn next year.
C. 10 bushels of corn next year.
D. 100 bushels of corn next year.
Answer: A
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A) does not change; supply of labor B) decreases; supply of labor C) increases; supply of labor D) decreases; demand for labor E) increases; demand for labor
a nation is going to achieve and sustain a high rate of economic growth, it must
What will be an ideal response?
A valid rationale for the decision NOT to include non-compensated housework in Gross Domestic Product (GDP) calculations is that
A. there is some difficulty in measuring quality and quantity. B. it would decrease the employment rate for domestic work. C. it is not a product or service. D. it would understate the value of production in the economy.
Refer to the table below. This consumer begins to experience diminishing marginal utility when consuming the:
The table below shows the utility schedule for a consumer of candy bars.
A. Third candy bar
B. Fourth candy bar
C. Sixth candy bar
D. Seventh candy bar