John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517If we plot John's opportunity cost per window on the vertical axis and the number of windows cleaned each day on the horizontal axis, we will have John's ________ curve for window-cleaning services.
A. supply
B. benefit
C. production possibilities
D. demand
Answer: A
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Gross domestic product is officially measured by adding together the:
a. quantity of each good and service produced by U.S. residents. b. market value of all final goods and services produced within the borders of a nation. c. quantity of goods and services produced by companies owned by U.S. citizens. d. none of these.
Unemployment insurance has an important macroeconomic effect because it
a. props up aggregate supply. b. props up aggregate demand. c. props up aggregate exports. d. helps balance the federal budget.
The Bureau of Labor Statistics divides the adult population into four categories: employed, underemployed, unemployed, and not in the labor force
a. True b. False Indicate whether the statement is true or false
A drought in California destroys many red grapes. As a result of the drought, the consumer surplus in the market for red grapes
a. increases, and the consumer surplus in the market for red wine increases. b. increases, and the consumer surplus in the market for red wine decreases. c. decreases, and the consumer surplus in the market for red wine increases. d. decreases, and the consumer surplus in the market for red wine decreases.