Jose and Maria work at a restaurant. Jose can make either 10 pancakes or 4 waffles; Maria can make either 8 pancakes or 2 waffles. According to this scenario, the opportunity cost of making one pancake for Jose is
A) 1/4 waffle.
B) 2/5 waffle.
C) 2.5 waffles.
D) 4 waffles.
Answer: B
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Refer to Table 4-8. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor supplied?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
At a recent faculty meeting, Lorraine Waverly, president of Skywalker College, announced that enrollment is up by 12 percent over the previous semester
If enrollment the previous semester was 3,250 students, what is the student enrollment this semester? A) 390 B) 2,860 C) 3,640 D) 4,030
The logical (and sometimes illogical) shortcuts that people derive from experience which economize on their mental capabilities are called:
a. irrationalities. b. heuristics. c. statistical errors. d. probabilities.
Price ceilings and floors have traditionally been used when
a. markets don't clear b. markets clear but quantities bought and sold are insufficient to satisfy consumers c. excess supply becomes fixed or relatively fixed d. prices are volatile, fluctuating almost daily e. prices are unacceptably high or low