The time constraint for the consumer is
A) the amount of time for decision making.
B) expressed as leisure time - time spent working = total time available.
C) expressed as leisure time - sleep time = time spent working.
D) expressed as leisure time + time spent working = total time available.
D
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Define GDP
What will be an ideal response?
A monopolist with constant average and marginal cost equal to 8 (AC = MC = 8) faces demand Q = 100 - P, implying that its marginal revenue is MR = 100 - 2Q. Its profit maximizing quantity is
a. 8 b. 46 c. 50 d. 92
Which of the following statements best demonstrates the constraints under which individual consumers and society as a whole operate?
a. Only the individual opportunity set (or budget constraint) demonstrates the constraints under which individual consumers and society as a whole operate. b. Only the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate. c. Neither the individual opportunity set (budget constraint) nor the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate. d. Both the individual’s opportunity set (and budget constraint) and the social production possibilities frontier show the constraints under which individual consumers and society as a whole operate.
Suppose your community is considering using public money to build a new sports stadium for a new team that will only stay in the community if it is built for them. Suppose you are watching a news broadcast in which the supporters are saying that it is a good idea because, even though they don't go to the games, it is more fun to live in a town with a team and it is to live in a town without a team. The supporters are relying on the
A. stupidity of voters. B. present value argument. C. local substitution argument. D. externality argument.