The dramatic increase in the standard of living since the Industrial Revolution
a. means that societies and individuals face no constraints.
b. has not meant unlimited abundance for societies or persons.
c. means that "opportunity cost" is a meaningless concept.
d. has reduced the choices open to persons.
e. has made economics less useful to persons.
b
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If the graph shown represents Stella's budget constraint, and hairbands cost $4, what must Stella's income to spend on these two items be?
A. $32
B. $16
C. $48
D. Cannot answer this question without more information.
Productivity is defined as: a. the ratio of a specific measure of output to a specific measure of input
b. the production of worthwhile goods and services. c. the market value of goods, services, and resources produced per time period (e.g., per year). d. average input divided by average output. e. total input divided by average output.
Two friends, Diane and Stan, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Stan tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
a. Diane's wage b. Stan's time c. Diane's tips d. Stan's tips e. both Diane's and Stan's tips
The addition of imports reduces the value of the multiplier.
Answer the following statement true (T) or false (F)