You are planning to study eight hours this week for your economics final and are considering studying a ninth hour. You should:
A) compare the benefits of one more hour of study with the cost of one less hour of
studying calculus.
B) compare the benefits of one more hour of study with the cost of one less hour of
work at your part-time job.
C) make your decision based on the cost of the next best alternative use of your time
compared to the benefit of one more hour of study.
D) compare the benefits of one more hour of study with the cost of one less hour of
sleep.
C) make your decision based on the cost of the next best alternative use of your time
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The Producer Price Index (PPI) measures
a. the price level of aggregate output. b. the prices charged by manufacturers. c. changes in the prices received by producers. d. price changes passed along to consumers.
Frieda enjoys cooking and baking. Her utility function is U(C, B) = 6C + 3B, where C is the number of hours she spends cooking and B is the hours she spends baking. What is Frieda's MRS of cooking with baking?
A. 1/6 B. 2 C. 6 D. It cannot be determined from the given information.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.
The government was successful in gaining an antitrust conviction in the:
A. U.S. Steel case. B. IBM case. C. Alcoa case. D. DuPont cellophane case.