In a given year, ________ of smartphone or tablet owners will pay for any apps
A) only about one-third B) almost 90 percent
C) about 75 percent D) less than 15 percent
A
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Jessica traded her string cheese for Jamie's apple the other day at lunch. Who was made better off?
A. Both Jessica and Jamie B. Jessica C. Neither Jessica nor Jamie D. Jamie
If a firm hires a resource in a perfectly competitive resource market,
a. it must also be a price taker in the product market b. it must also be a monopolist in the product market c. it faces a horizontal marginal resource cost curve d. it faces an upward-sloping marginal resource cost curve e. it faces a downward-sloping marginal resource cost curve
Jen is offered a job answering the phone in the State U economics department during lunchtime, from noon to 1 p.m., Tuesdays and Thursdays. Her reservation wage for this job is $15 per hour. If the department chair offers Jen $150 per week, how much economic surplus will she enjoy as a result of accepting the job?
A. $135 per week B. $15 per week C. $150 per week D. $120 per week
Consider a market in which there is an import tariff. Which of the following is TRUE?
A) The lost consumer surplus equals the gain in producer surplus plus the government revenue plus the deadweight loss. B) The lost consumer surplus equals the gain in producer surplus. C) The lost consumer surplus equals the gain in producer surplus plus the government revenue. D) The lost consumer surplus plus the deadweight loss equal the gain in producer surplus plus the government revenue.