Which statement is true?
A. The average workweek is about 50 percent lower than it was in 1900.
B. The average workweek is about the same as it was in 1900.
C. Most Americans work more hours per year than do most Western Europeans.
D. Most American workers work less hours than workers in other industrialized countries.
C. Most Americans work more hours per year than do most Western Europeans.
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The number of U.S. made products demanded in Europe ________ as the dollar-per-euro exchange rate ________ , other things constant, so more euros will be supplied on the foreign exchange market to buy dollars
a. increases; increases b. does not change; decreases c. decreases; increases d. does not change; increases
Suppose the accompanying figure shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist.
At this monopolist's profit-maximizing level of output, consumer surplus is ________.
A. $9,000 B. $4,500 C. $2,000 D. $4,000
Recall the Application about Rory McIlroy and weed-whacking to answer the following question(s). The Application assumes that Rory McIlroy could whack down all the weeds on his estate in one hour at an opportunity cost of $1,000, but it would take 20 hours for a gardener to do it at a price of $10 per hour.If Rory McIlroy only earned $500 per hour playing golf instead of $1,000 per hour, what should he do?
A. He should still hire the gardener. B. He should do the weed-whacking himself. C. He should hire a less-productive gardener. D. He should be indifferent as to who does the weed-whacking, for the difference in hourly earnings would now be insignificant.
Refer to the information below. Based on cost-benefit analysis, Normal University should undertake Level:
Answer the question based on the following information. Normal University has found it necessary to institute a crime-control program on its campus to deal with the high costs of theft and vandalism. The university is now considering several alternative levels of crime control. This table shows the expected annual costs and benefits of these alternatives.
A. Two
B. Three
C. Four
D. Five