A productivity increase is illustrated by a shift in the production function
a. downward.
b. leftward.
c. upward.
d. rightward.
c
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What is one reason drunk driving is held in such disrepute?
A) Drunk driving imposes high potential costs on non-drunk drivers. B) Drunk driving destroys cars and telephone poles, causing disruption in essential services. C) Only drunk drivers cause automobile fatalities. D) Drunk drivers impose high potential costs on other drunk drivers.
Information asymmetry is a problem when:
A. a buyer and seller have aligned incentives. B. a buyer and seller have opposing incentives. C. a market is highly efficient. D. a market is highly inefficient.
In one week, Tetah can knit 15 sweaters or bake 480 cookies. The opportunity cost per cookie for Tetah is
a. $15 b. 15 sweaters c. 32 sweaters d. 1/32 of a sweater e. 480 sweaters
The rule of rational choice suggests that you will engage in more of an activity if: a. the total benefit from that activity exceeds the total cost of the activity
b. the total cost from that activity exceeds the total benefit of the activity. c. the additional cost incurred as a result of the activity exceeds the additional benefit received. d. the additional benefit received as a result of the activity exceeds the additional cost incurred.