The total earnings of a worker are represented by E = 100 + $10(24 ? L), where E is earnings and L is the number of hours of leisure. How much will the worker earn if he takes 14 hours of leisure per day?
A. $200
B. $240
C. $100
D. $150
Answer: A
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The peak of the isoprofit curve has which of the following characteristics?
A. It is the point on the isoprofit curves where Cournot competitors can efficiently achieve collusion profits. B. It is the point at which monopoly profits are always achieved. C. It is the point at which the isoprofit curve crosses the reaction function. D. It is the point on the isoprofit curves associated with the highest profit.
The term "laissez-faire" suggests that:
A. land and other natural resources should be privately owned, but capital should be publicly owned. B. land and other natural resources should be publicly owned, but capital should be privately owned. C. government should not interfere with the operation of the economy. D. government action is absolutely necessary if the economy is to achieve full employment and full production.
Economics is a study of
A. how to run a business successfully. B. personal finance. C. how to make money in the stock market. D. the allocation of scarce resources.
Which of the following is a provision of the Patient Protection and Affordable Care Act?
A. Insurance companies may not legally deny coverage to anyone on the basis of a preexisting medical condition. B. Every firm must purchase health insurance for their employees or face a $2,000 fine per employee. C. Every individual must purchase their own health insurance for themselves and their dependents or pay a fine. D. Adult children of parents with employer-provided health insurance can remain covered by their parents' insurance through age 35.