Refer to Table 2-4. What is George's opportunity cost of cultivating a garden?
A) one-half of a garden cultivated B) two lawns mowed
C) two-thirds of a garden cultivated D) one and a half lawns mowed
B
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Resources are efficiently utilized when production is such that marginal social benefit
A) is equal to marginal social cost. B) exceeds marginal social cost by as much as possible. C) is less than marginal social cost. D) None of the above because efficiency has to do with property rights and has nothing to do with marginal social benefit or marginal social cost.
With higher future taxes
A) current consumption declines. B) current consumption stays the same. C) current consumption increases. D) current consumption depends on other factors.
Wal-Mart's store managers have the authority to stock items and price them to satisfy localized demand. Which of the following properties of this retail store is illustrated here?
a. Relationship with employees b. Regional relationships c. Centralized decision making d. Decentralized decision making
Suppose you earn $4,800 a month and spend exactly $160 in each of the 30 days. If you deposit $1, 600 into your checking account on the first day, eleventh day, and twenty-first day of the month, then your average quantity of money demanded is
A) $800. B) $1,200. C) $2,400. D) $4,800.