A man can rewire a house in 12 hours and can panel a room in 15 hours, and his teenage son can rewire a house in 18 hours and can panel a room in 16 hours. Who is more efficient in rewiring a house, and who is more efficient in paneling a room?
a. The father is more efficient at both activities.
b. The father is more efficient at rewiring a house, and the son is more efficient at paneling a room.
c. The father is more efficient at paneling a room, and the son is more efficient at rewiring a house.
d. The two are equally efficient at both activities.
b. The father is more efficient at rewiring a house, and the son is more efficient at paneling a room.
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Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. What is the expected value of the payoff in the first game?
A. $5.75 B. $5.00 C. $4.75 D. $4.50
According to the story, if __________ in the software and related services sector increases by $15 billion, real GDP will increase by __________
a) investment; $30 billion b) consumption; $30 billion c) consumption; $2 billion d) investment; $2 billion
Since 1970, federal expenditures by regulatory agencies have
A) remained constant. B) decreased slightly. C) increased dramatically. D) increased slightly.
Explain the economic assumption that "people are rational."
What will be an ideal response?