Traveling sales representative Harold Hill only calls on clients four days a week rather than the five days expected by his employer. This is an example of:
A. equalizing differences.
B. a nonmonetary job disadvantage.
C. shirking.
D. the free-rider problem.
Answer: C
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An advantage of macroeconomic policy based on pre-specified rules might be that ________
A) it is easier to stick to long-run considerations and avoid bad long-run outcomes B) it is more flexible than discretionary policy C) it is easier to adapt to short-run changes and avoid a bad short-run outcome D) all of the above E) none of the above
The minimum efficient scale is the level of output where the short-run average-total-cost curve reaches its minimum point
a. True b. False Indicate whether the statement is true or false
The mayor of Workerville proposes a local payroll tax to fund a new water park for the city. The mayor proposes to collect half the tax from workers and half the tax from firms. Workers will bear
a. an equal share of the tax in comparison to firms. b. a greater share of the tax in comparison to firms. c. a smaller share of the tax in comparison to firms. d. All of the above are possible.
Amy's opportunity cost of going to the movies is
A) the price of the ticket. B) zero, if she has a free pass to the movie. C) the price of the ticket plus the value to Amy of what she would have chosen to do with her time had she not chosen to go to the movies. D) both b and c