Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. If Tom divides his time evenly between activities and acts efficiently, he will produce:
A. 16 dishes and 4 fences.
B. 12 dishes and 3 fences.
C. 8 dishes and 2 fences.
D. 4 dishes and 3 fences.
C. 8 dishes and 2 fences.
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The additional benefit that Marvin gets from being vaccinated against the flu is known as the
A) external benefit. B) marginal private benefit. C) private cost. D) social cost. E) marginal social benefit.
Which of the following groups would most likely be harmed by inflation?
a. workers b. borrowers c. debtors d. retirees
Cite an advantage and a disadvantage for command-and-control vs. incentive-based approaches. Then do the same for environmental taxes vs. emissions trading.
What will be an ideal response?
________ that often erode effectiveness of monetary and fiscal policy measures represent delays in the response of the economy to stabilization policy.
A. Time lags B. High inflation levels C. Negative business cycles D. High unemployment levels