Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is:
A. not an economic problem because it's an hour that Chris has no matter what he does.
B. an economic problem because Chris has only one hour, and engaging in one activity means giving up the other.
C. not an economic problem because neither activity costs money.
D. an economic problem because the tuition Chris pays covers the cost of both the gym and the library.
Answer: B
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Suppose you can type a paper in two hours or mow the lawn in four hours, while it takes your friend Gabriela eight hours to type a paper or two hours to mow the lawn. Which of the following is true?
a. You have a comparative advantage in typing. b. You have a comparative advantage in mowing the lawn. c. You and Gabriela could save time if you mowed her lawn while she typed your paper. d. You and Gabriela cannot gain from specialization and trade.
In the diagram below, profit is maximized at point 
A. C. B. D. C. B. D. A.
ERISA stands for
A. Employer Return on Income Security Act. B. Equal Retirement, Investments, and Solvency Act. C. Employer and Retiree Income Security Act. D. Employee Retirement Income Security Act.
If there is a decrease in industry supply while the industry demand curve remains the same, then an individual firm in a perfectly competitive industry currently earning losses will see its losses
A. increase. B. decrease. C. not change. D. impossible to determine