Molly needs 30 minutes to wash the car and 45 minutes to mow the lawn. Renee needs 1 hour to wash the car and 2 hours to mow the lawn. Which of the following statements is correct?
a. Molly has an absolute advantage in washing the car; Renee has an absolute advantage in mowing the lawn.
b. Molly has an absolute advantage in mowing the lawn; Renee has an absolute advantage in washing the car.
c. Molly has an absolute advantage in both tasks.
d. Renee has an absolute advantage in both tasks.
e. Neither woman has an absolute advantage in washing the car.
C
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The above table gives data for the nation of South Hampton. There are no imports into or exports from South Hampton. Aggregate planned expenditure is less than actual expenditure if real GDP is
A) $700 billion. B) more than $700 billion. C) less than $700 billion. D) at the equilibrium level. E) Both answers A and C are correct.
Marginal cost is the additional cost to a firm of producing one more unit of a good or service
Indicate whether the statement is true or false
Classify the following goods into public goods, private goods, club goods, or common resources with suitable reasons
a. Congested roads b. Education provided by a university
Gertie saw a pair of jeans that she was willing to buy for $35. The price tag, though, said they were $29.99. Therefore:
A. Gertie should buy the jeans because the price is more than her reservation price. B. Gertie should not buy the jeans because they will be of lower quality than she expected. C. Gertie should buy the jeans because the price is less than her reservation price. D. Gertie should not buy the jeans because the price is not equal to her reservation price.