When people in the United States answer government surveys about how they feel about things, most report they are:
a. Very happy
b. Pretty happy
c. Not too happy
d. Miserable
B
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Andrew's utility of wealth schedule is depicted in the above table. Andrew is offered a job as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good
There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be good. Given the nature of Andrew's job offers and his utility of wealth schedule, Andrew will A) accept the offer to work as a server. B) accept the offer to work as a cook. C) be indifferent between working as a cook or a server. D) be unable to reach a decision about which offer to accept.
Social insurance revenues _____ come from _____
a. primarily; Social Security payroll taxes b. primarily, Medicare taxes c. primarily; Social Security payroll taxes and Medicare taxes d. do not; Social Security payroll taxes
Which one of the following statements is most clearly inconsistent with the economic way of thinking?
a. "If you give a person a fish, you feed him for a day; if you teach him to fish, you feed him for life." b. "If the government provides a good free to citizens, then the opportunity cost of the good is zero." c. "If you derive the same satisfaction from a hamburger as a chicken sandwich, it makes sense to have the cheaper alternative for lunch." d. "When it is cheaper to have someone else mow your lawn than to mow it yourself, hiring someone to do the job is consistent with economizing behavior."
Exhibit 7-12 Marginal revenue and cost per unit curves
?
As shown in Exhibit 7-12, the price that will yield zero economic profit is:
A. OA. B. OB. C. OC. D. OD.