Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. Jesse's opportunity cost of painting one kite is painting
A) 1/12 of a snowboard. B) 1/8 of a snowboard.
C) 1/3 of a snowboard. D) 3 snowboards.
B
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Refer to the scenario above. Which of the following would have happened if the government had decided to provide an export subsidy on these crops?
A) Domestic producers would have been worse off. B) Domestic consumers would have been worse off. C) The government's revenue would have increased. D) The volume of exports would have increased.
"Price discriminators lose money by being nice to their customers." Is the previous statement correct or incorrect?
What will be an ideal response?
Suppose a firm can hire 100 workers at $8.00 per hour but must pay $8.05 per hour to hire 101 workers. Marginal factor cost (MFC) for the 101st worker is approximately equal to:
a. $8.00. b. $8.05. c. $13.05. d. $13.00.
Most countries tend to follow only one price index to measure the price level in an economy because all prices rise or fall at the same time or by the same amount
a. True b. False Indicate whether the statement is true or false