Jill, a bookkeeper just received an attractive offer from an outside firm. Her opportunity cost, of staying in her current position has
a. Increased
b. Decreased
c. Not changed
d. All of the above
a
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During a recession, the quickest way for the government to increase economic output would be to
A. increase government purchases and reduce taxes. B. reduce government purchases and increase taxes. C. reduce government purchases and reduce taxes. D. increase government purchases and increase taxes.
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. When the 4th worker is hired, the ________ product of labor equals ________ lawns mowed
A) average; 60 B) average; 3.75 C) marginal; 3.75 D) marginal; 0 E) marginal; 15
Refer to Figure 5-7. Which of the following statements is true?
A) The optimal quantity of pollution reduction is QB. B) The optimal quantity of pollution reduction is QE. C) At QE the benefits of reducing pollution outweigh the cost of pollution reduction. D) At QB society is under allocating resources to pollution reduction.
Refer to Figure 4-13 which shows the market for watermelons. Suppose the government imposes a price floor of Pw. How will the price floor affect the quantity supplied, quantity demanded, and quantity exchanged?
What will be an ideal response?