Refer to the scenario above. If Frank discounts delayed utilities with a weight of 1/4, then which of the following statements is true?
A) He will consume both hotdogs and ice cream.
B) He will avoid consuming both hotdogs and ice cream.
C) He will consume ice cream but will avoid consuming hotdogs.
D) He will consume hotdogs but will avoid consuming ice cream.
A
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The marginal benefit of a good or service
A) increases as more is consumed. B) decreases as more is consumed C) remains constant as more is consumed. D) decreases as less is consumed
Which of the following may be used by a plumber's union or a medical professional association to restrict membership?
a. all of the following are correct b. long apprenticeship periods c. difficult qualification exams d. stringent education standards e. high initiation fees
Theory A predicts that the higher the opportunity cost of having a child, the fewer children a woman will have. Which of the following is evidence against the theory if opportunity cost is measured in terms of foregone salary?
A) women with high-paying jobs have more children than women with low-paying jobs. B) women with low-paying jobs have more children than women with high-paying jobs. C) men married to women with high-paying jobs want more children than men married to women with low-paying jobs. D) the mothers of women with high-paying jobs will want their daughters to have children more than the mothers of women with low-paying jobs will want their daughters to have children. E) none of the above
Horizontal equity is a difficult concept to implement because
A. it is difficult to determine how unequally unequals should be treated. B. it is difficult to measure ability to pay. C. it is difficult to determine which people are equally situated. D. people object to the use of absolute tax liability instead of percentage of income.