Refer to the accompanying figure. For Chris, the opportunity cost of removing one bag of trash is planting:
A. 3 bulbs.
B. 25 bulbs.
C. 1/3 of a bulb.
D. 1/25 of a bulb.
Answer: A
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An overall rise in prices in the economy is called:
A. core inflation. B. core deflation. C. inflation. D. deflation.
Which of the following is true according to the circular flow model?
A. Firms are suppliers in both the product and factor markets. B. Firms are demanders in the product markets and suppliers in the factor markets. C. Households are demanders in both the product and factor markets. D. Households are demanders in the product markets and suppliers in the factor markets. E. The government is a demander in the product market only.
A risk-neutral person will invest in a project by examining if
A) the expected utility associated with the project is positive. B) the marginal utility associated with the project is positive. C) the expected net present value is positive. D) All of the above.
Refer to Table 4-4. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.50; Q = 420,000 B) W = $9.00; Q = 410,000 C) W = $8.50; Q = 400,000 D) W = $8.00; Q = 390,000