Refer to Figure 1A.1. If the hours worked per week are 30, the income per week is:
A. 50.
B. 100.
C. 150.
D. 200.
Answer: D
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one pound of cheese is ________ car(s).
A. 1/500 B. 500 C. 1/250 D. 1/10
Mercantilists perceived trade as a zero sum game
Indicate whether the statement is true or false
The supply curve for bonds has the usual upward slope, indicating that as the price ________, ceteris paribus, the ________ increases
A) falls; supply B) falls; quantity supplied C) rises; supply D) rises; quantity supplied
You are a hotel manager considering four projects that yield different payoffs, depending upon whether there is an economic boom or a recession. The potential payoffs and corresponding payoffs are summarized in the following table. ProjectBoom (50%)Recession (50%)A$40-$20B-$10$30C$50-$50D$60$60The expected value of project A is:
A. $20. B. $10. C. $5. D. None of the answers are correct.