Using the economic way of thinking, what is the least efficient use of water?
A) Drinking
B) Bathing
C) Filling balloons
D) It depends on the water user's estimate of cost and benefit.
D
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A monopolist will always end up choosing to operate
a. even if its profits are negative. b. on the elastic portion of its demand curve. c. until such time as a new competitor enters its market. d. only if it can capture the entire consumer surplus.
Refer to Table 3.1. Which of the following cannot be true?
A) The consumer could be indifferent between A and B. B) A and C could be on the same indifference curves. C) The consumer could be indifferent between B and C. D) A and C could be on different indifference curves.
The idea that inflation by itself reduces people's purchasing power is called
a. the inflation tax. b. menu costs. c. the inflation fallacy. d. shoeleather costs.
Sandy has graduated from college and is devoting her time to searching for a job. She has seen plenty of openings but has not yet been offered one that best suits her tastes and skills. Sandy is
a. structurally unemployed. Structural unemployment exists even in the long run. b. structurally unemployed. There is no structural unemployment in the long run. c. frictionally unemployed. Frictional unemployment exists even in the long run. d. frictionally unemployed. There is no frictional unemployment in the long run.