Which of the following suggests that people have no control over the number of hours they work?
a. Most workdays last from 8 a.m. to 5 p.m.
b. People make use of the opportunity for overtime.
c. People make use of the opportunity to moonlight.
d. People make use of early retirement options.
e. Many workers hold more than one job.
A
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Why might incomes of $1 a day and $2 a day underestimate the value of the goods and services that these households actually consume?
What will be an ideal response?
What does the Herfindahl-Hirschman Index value near zero imply about the market?
a. Monopoly b. Perfect competition c. Monopolistic competition d. Oligopoly
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 If Smith and Jones are dividing their time efficiently and producing more than 10 computers and fewer than 120 calculators per hour, then Smith will ________ and Jones will ________.
A. produce only computers; split his time between computers and calculators B. produce only calculators; produce only computers C. split his time between computers and calculators; produce only computers D. produce only computers; produce only calculators
The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:
a. Socialism b. A command system c. Communism d. A market system