According to Professors Cowen and Tabarrok, the most efficient gift is:
A. charitable donations made in someone's name.
B. cash.
C. paternalistic gifts like mittens.
D. books on economics.
Answer: B. cash.
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Under the Soviet system of communism
A) managerial pay was determined by the extent to which managers could lower the per-unit costs of production. B) the per-worker production function in the Soviet Union shifted up more rapidly than production functions in other countries. C) competitive pressures in the Soviet Union allowed the country's technological progress to keep pace with the rest of the world. D) technological progress was slow because managers had little incentive to develop new technologies.
Suppose your donut shop earns $20,000 in total revenues per month with explicit costs of $15,000 and opportunity costs of $5,000. Your economic profit is
A) $16,000. B) $12,000. C) $5,000. D) zero.
People cope with uncertainty about the future:
A. exactly the same way, regardless of the situation. B. in very similar ways, regardless of the situation. C. in many ways, such as buying insurance. D. by always avoiding it.
Another name for internal cost is
A) private cost. B) social cost. C) psychological cost. D) marginal cost.