Opportunity cost:
a. applies only to consumption decisions.
b. applies only to production decisions.
c. is the same as monetary costs.
d. exists because of scarcity.
e. is irrelevant for wealthy economies.
d
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The part of consumption that is independent of disposable income is called
A) autonomous consumption. B) fixed consumption. C) automatic consumption. D) personal consumption.
Refer to Table 12-1. If the market price of each camera case is $8, what is the firm's total revenue?
A) $2,400 B) $3,200 C) $4,000 D) $4,800
List three bogus arguments about the "burden of the debt," and point out the errors in each of the arguments
Comparable worth laws:
A. may correct institutional biases in the labor market. B. always distort market outcomes because they interfere with the price mechanism. C. are necessary even when wages are completely determined by the interaction of labor supply and labor demand. D. are necessary even when institutional biases do not exist.