Should regular saving be an item in your personal budget?
What will be an ideal response?
Yes, regular saving for both unexpected emergency expenses and big-ticket items like the down payment for a house will increase your financial security.
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In long-run equilibrium, every perfectly competitive firm
a. maximizes its output b. chooses its plant size and output level to operate at minimum long-run marginal cost c. chooses its plant size and output level to operate at minimum long-run average total cost d. earns an economic profit e. suffers an economic loss
The total loss associated with the 2005 Hurricanes Katrina and Rita are estimated to be between
a. $40 and $60 billion b. $69 and $130 billion c. $69 and $80 billion d. $70 and $80 billion e. $140 and $200 billion
Price elasticity of demand is measured by the percentage change in quantity demanded divided by the percentage change in income
Indicate whether the statement is true or false
Curly just graduated from State U and has three job offers: teaching at a prestigious private high school nine months a year with summers off, working forty hours a week at a bank in a small city, and working more than sixty hours a week for a high-powered investment firm in New York. Suppose all of the jobs paid exactly the same annual salary, and that most people prefer leisure to work, all else equal. If that were the case:
A. people would naturally sort themselves into the job that best suits their talents. B. there would be a surplus of workers at the investment firm. C. there would be a surplus of teachers at the high school. D. there would be a shortage of teachers at the high school.