Based on opportunity cost, where would one expect to have the most difficulty finding a teenager to baby-sit?
A) A high-income area with lots of teenagers
B) A low-income area with lots of teenagers
C) A middle-income area with lots of teenagers
D) Any income area because teenagers no longer like babysitting
A
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When actual output is less than potential output, there is ________ output gap and the rate of inflation will tend to ________.
A. an expansionary; increase B. a recessionary; increase C. an expansionary; decrease D. a recessionary; decrease
Current offers to purchase or sell scarce goods take account of the wants of future generations
A) if government intervenes to give the future a current voice. B) if people are able to predict future prices. C) only if people are concerned for the welfare of others yet unborn. D) only rarely because people are predominantly selfish.
A monopolist will maximize profits by:
a. setting his price as high as possible. b. setting his price at the level that will maximize per-unit profit. c. producing the output where marginal revenue equals marginal cost. d. producing the output where price equals marginal cost.
What is the present value of $5,000 to be received in one year if the current market interest rate is 6.0%?
a. $3,125 b. $4,717 c. $4,923 d. $5,300