A college student is thinking about running an ice-cream truck over the summer. Which of the following would likely be included in the total cost of the business?
A. The cost of the truck
B. The cost of ice cream cones
C. The opportunity cost of the student's time
D. All of these would be included in total cost.
Answer: D
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John's utility of wealth curve is shown in the above figure. He currently has total wealth of $20,000. If there is a 50 percent chance that his $10,000 car will be stolen, then his expected wealth equals
A) $0. B) $10,000. C) $15,000. D) $20,000.
Which economist(s) first identified an inverse relationship between inflation and unemployment?
a. Robert Lucas and Thomas Sargent. b. W. Phillips. c. Robert Barro. d. Paul Samuelson. e. Arthur Laffer.
The statement "The unemployment rate in the U.S. is 5 percent" is
a. a statement of opinion b. a positive statement that can be falsified c. lacking proper microeconomic foundations d. a statistical anomaly e. a philosophical difference of opinions regarding the nature and significance of statistical inference
Mary and Cathy are roommates. Mary assigns a $30 value to smoking cigarettes. Cathy values smoke-free air at $15 . Which of the following scenarios is a successful example of the Coase theorem?
a. Cathy offers Mary $20 not to smoke. Mary accepts and does not smoke. b. Mary pays Cathy $16 so that Mary can smoke. c. Mary pays Cathy $14 so that Mary can smoke. d. Cathy offers Mary $15 not to smoke. Mary accepts and does not smoke.