All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has:
A. a lower opportunity cost of driving farther to work.
B. a higher opportunity cost of taking the day off work.
C. the same opportunity cost of spending time on leisure activities.
D. a higher opportunity cost of working an additional hour.
Answer: B
You might also like to view...
According to a behavioral economist, people who are unwilling to sell the last pound of rice they purchased for the same price that they paid for it are displaying ________
A) the endowment effect B) bounded rationality C) bounded self-interest D) bounded will power
Explain why Relative PPP is useful when comparing countries that base their price levels on different product baskets
What will be an ideal response?
YearReal GDP (in billions of 2005 Dollars)Population (in Millions of People)1999$10,780279.632000$11,226282.4 Refer to Table 9.1. What was the growth rate of real GDP per capita from 1999 to 2000?
A. 3.00% B. 0.03% C. 11.56% D. 2.91%
Which of the following is a characteristic of a monopoly market?
A) many suppliers of similar products B) one single producer C) easy entry D) The firm is a price taker.