Suppose a new freshman enters State U with the objective of having lots of fun while getting good grades. Suppose that Friday and Saturday night offer the best/most efficient times for having fun and the day time offers the best time for studying. She should
a. study every single waking hour.
b. party every single waking hour.
c. assume there is no tradeoff between fun and grades.
d. assume there is a constant tradeoff between fun and grades.
e. assume there is a tradeoff between fun and grades that reflects increasing opportunity cost.
E
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The full opportunity costs of production are calculated as the sum of both explicit and implicit costs
Indicate whether the statement is true or false
Refer to the table below. Relative to their starting position, people in the fourth-fifth of the income distribution have seen the greatest decrease in their share of income.
A. True
B. False
C. Uncertain
Suppose N consumers each have an identical demand curve for a good is given by Q = a - bp, where Q is the quantity demanded, p is the price, and a and b are positive constants
What is the market demand curve? Is the slope (in price) of the market demand greater or less than the slope of each individual demand curve?
The 1600s writer who is often credited with offering one of the earliest defenses of individual rights and liberties based on equality of individuals and who influenced framers of the U.S. Constitutions was
A) David Hume B) Voltaire C) John Locke D) Spinoza