The classical model is based on the assumption that
a. all markets clear
b. all demand curves are horizontal
c. all supply curves are vertical
d. the government's budget is always balanced
e. the quantity of loanable funds demanded is independent of the interest rate
A
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A country is said to have a comparative advantage in producing a good over another country if that first country
A. is a major consumer of the good. B. can produce more units of the good. C. has a lower opportunity cost of producing the good. D. is a more efficient producer of the good.
Refer to the table above. What is the market supply of labor per week when the wage rate is $75?
A) 28 hours B) 50 hours C) 71 hours D) 94 hours
Suppose the marginal utilities for the first three cans of soda are 100, 80 and 60, respectively. The total utility received from consuming 2 cans is
A) 20. B) 80. C) 90. D) 180.
In 2015, the fraction of fatal traffic accidents involving at least one person with blood alcohol level above the legal limit is approximately
A. 31%. B. 5%. C. 20%. D. 10%.