Of the following, who would probably have the highest income?
a. a couple, both of whom have high school educations and work at WalMart
b. a husband who has a high school degree and a middle-management job and his wife, who is a full-time mother
c. a couple, both of whom have high school educations; he is a high school teacher and she is a librarian
d. a husband who has a college degree and is a high school teacher and his wife, who has an MBA and works as a insurance company executive
e. a couple, both of whom have college degrees and are high school teachers
D
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Cross-price elasticity of demand is
A. negative for substitute goods. B. positive for general goods. C. negative for complementary goods. D. unitary for secondary goods.
Refer to Table 2-5. What is Estonia's opportunity cost of producing one cell phone?
A) 0.2 board feet of lumber B) 5 board feet of lumber C) 8 board feet of lumber D) 32 board feet of lumber
Which of the following provides the best explanation for diseconomies of scale?
a. the firm is too small to take advantage of specialization. b. large management structures may be bureaucratic and inefficient. c. if there are too many employees, the work place becomes crowded and people become less productive. d. average fixed costs are rising.
Ceteris paribus, which of the following is most likely to cause a decrease in the supply of skateboards?
A. An increase in the cost of materials used to produce skateboards. B. An increase in the price of skateboards. C. An improvement in skateboard-making technology. D. All of the choices are correct.