Mike is able to complete a tax return in two hours earning a fee of $100 . As an alternative, he could pitch in at a volunteer car wash washing four cars in one hour. His roommate Joe would take four hours to complete a tax return earning a $100 fee and also can wash four cars in one hour. Both individuals could benefit if
a. Mike worked on tax returns for eight hours and paid Joe $5 for each car he washed
b. Mike worked on tax returns for eight hours and paid Joe $10 for each car he washed.
c. Mike worked on tax returns for eight hours and paid Joe $15 for each car he washed
d. Joe worked on tax returns for eight hours and paid Mike $10 for each car he washed
b
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Which of the following is the most likely explanation for inflation in the United States?
A) decreases in aggregate demand B) decreases in aggregate supply C) increases in aggregate demand D) increases in aggregate supply
The growth rate of real GDP per person in the United States has
A) averaged approximately 2 percent per year over the past century. B) has consistently been 2 percent per decade over the past century. C) has been the highest in the world over the past 5 decades. D) has increased every year over the past century.
High-income countries such as the United States spend a greater amount on services as compared to goods
Indicate whether the statement is true or false
The random walk theory indicates that
a. investors can make money by purchasing stocks that are widely expected to earn substantial profits in the future. b. while changes in the prices of specific stocks are difficult to predict, experts are able to forecast the future direction of broad stock market indexes with a high degree of accuracy. c. changes in stock prices are driven by surprise occurrences that are difficult for anyone to predict accurately. d. managed mutual funds will persistently outperform indexed funds.