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. The opportunity cost of one fence is _______ for Tom and ________ for Jerry. Therefore Tom should specialize in ______________.
A. 4 dishes; 2 dishes; dishes
B. 16 dishes; 14 dishes; dishes
C. 4 dishes; 2 dishes; fences
D. 16 dishes; 14 dishes; fences
A. 4 dishes; 2 dishes; dishes
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A decrease in quantity demanded is given by a(n)
a. downward shift of the demand curve b. upward shift of the demand curve c. downward movement to the right along the demand curve d. upward movement to the left along the demand curve e. downward shift of both demand and supply curves
List and discuss the importance of the major effects of the deregulation that occurred in the 1980s.
What will be an ideal response?
Social Security payments automatically increase when the Consumer Price Index (CPI) goes up because of the:
A. age of the recipient. B. years receiving social security. C. cost-of-living adjustments. D. individual being married or unmarried.
Using the above table, the labor force is
A. 930,000. B. 380,000. C. 569,000. D. 911,000.