Waldo buys only two items, pretzels and ham sandwiches. Waldo has $24 in income, pretzels cost $0.60 per bag and ham sandwiches cost $2.40 each. Which of the following statements is TRUE for the information given above?
A) Waldo's real income expressed in terms of pretzels is 40 bags of pretzels.
B) Waldo's real income expressed in terms of ham sandwiches is 10 ham sandwiches.
C) The relative price of a ham sandwich in terms of pretzels is 4 bags of pretzels per ham sandwich.
D) All of the above answers are correct.
D
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In September 2014, 32 percent of unemployed workers had been unemployed for 6 months or more. This long-term unemployment is of particular concern because
A) long-term unemployment is the most costly type of unemployment. B) the U-3 unemployment rate no longer includes these workers in the measurement since they are long-term unemployed. C) the employment-to-population ratio no longer includes these workers in the measurement since they are long-term unemployed. D) the labor force participation rate no longer includes these workers in the measurement since they are long-term unemployed.
What is the dominant strategy in the prisoner's dilemma?
A) There is no dominant strategy. B) Each prisoner confesses because this is the rational action to pursue. C) Do nothing in the hope that the other prisoner will also do nothing. D) Do not confess because the other prisoner will most likely confess.
Suppose in the automobile industry with free entry and exit, the marginal cost is constant at $5,000, two identical manufacturers are currently producing 1,000 cars each and earning zero economic profit
If the equilibrium price is $20,000, then what is the fixed cost for each manufacturer? A) $20,000,000 B) $15,000,000 C) $5,000,000 D) $10,000,000
Use the above figure. The total revenue earned by this monopolistically competitive firm is
A) $2,560. B) $1,600. C) $480. D) $1,900.