When a start-up company meets with success and the entrepreneur needs to achieve economies of scale, it would not make economic sense to consider an IPO
a. True
b. False
B
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Leisure is
a. not subject to the law of diminishing utility because you can never have enough leisure time b. not subject to the law of diminishing utility because you can derive utility only from goods and services c. subject to the law of diminishing utility, just as the consumption of goods and services is d. subject to the law of diminishing utility only if it involves the consumption of goods and services e. not considered in maximizing utility
Keith just got an iPhone 5 for his birthday, and he quickly switches his data over and throws his iPhone 4 in a drawer and forgets about it. Economists would say this behavior is ________ and would use the concept of ________ to explain this choice.
A. irrational; the implicit cost of ownership B. irrational; ignoring sunk costs C. rational; considering sunk costs D. rational; the implicit cost of ownership
Suppose the value of price elasticity of demand for goods manufactured by firms A, B, C, and D are 0, -0.8, -1, and -1.5 respectively. The demand for the good will be elastic for:
a. firms A, B, C, and D. b. firms B, C, and D. c. only firm A. d. firms C and D only. e. only firm D.
One factor that contributed to the growth in the share of population employed in the United States between 1960 and 2010 was increased:
A. male labor force participation. B. female labor force participation. C. minimum wages. D. labor union participation.