Jonathan is currently enrolled in college full-time; however, he works part-time at a restaurant on weekends to earn some spending cash. Jonathan would be considered:
a) unemployed
b) employed
c) not in the labor force
d) institutionalized
Ans: b) employed
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If a good has an income elasticity of demand greater than 1, one might classify that good as
A) a necessity. B) a luxury. C) unusual. D) inelastic.
The fire department receives its revenues from the government budget, not on a per-fire-extinguished basis. As a result, it is difficult for department officials to know if
a. the fire department is even needed b. too much or too little fire protection is being supplied c. fires should be extinguished d. they should raise or lower price e. keep the difference between revenues and costs
Alyssa runs a "Dessert of the month" delivery service. To operate her business each year, she spends $30,000 on baking supplies (flour, sugar, etc.), $50,000 on rent for her shop, and $5,000 for utilities. She owns her delivery van, estimating that in alternate uses it could generate $15,000 in income per year. Alyssa has other funds tied up in the business that could earn her $2,000 per year in interest. Alyssa has been offered $50,000 to work full time at a competing bakery. Her bakery generates $160,000 per year in revenue from subscriptions to her monthly service.Based on the information above, which of the following is true about Alyssa's costs and profits?
A. Alyssa's implicit costs are $67,000 and her economic profits are $93,000. B. Alyssa's explicit costs are $85,000 and her accounting profits are $8,000. C. Alyssa's explicit costs are $67,000 and her implicit costs are $85,000. D. Alyssa's accounting profits are $75,000 and her economic profits are $8,000.
Referring to Figure 18.3, an appreciation of the dollar is represented by a movement from point:
A. a to d. B. c to d. C. a to c. D. b to c.