Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point B?
A) 30 thousand wrenches B) 10 thousand hammers
C) 13 thousand hammers D) 0 wrenches
D
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If a person were given the choice of a $500 credit or a $500 deduction,
A. he would take the deduction if he were poor but the credit if he were rich. B. he would take the deduction if he were rich but the credit if he were poor. C. he would take the deduction every time. D. he would take the credit every time.
The minimum wage has its greatest impact on the market for
a. female labor. b. older labor. c. black labor. d. teenage labor.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
In a competitive economy, workers will be paid according to their
A) status. B) age. C) marginal productivity. D) need.