Billy Bob runs a seafood restaurant. Last year he earned $50,000 in revenue. He had explicit costs of $20,000. Billy Bob could have made $30,000 working for the county and could have received an additional $20,000 if he rented out his building and equipment. Calculate Billy Bob's implicit costs.
a. $20,000
b. $30,000
c. $50,000
d. $70,000
c. $50,000
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Bill's Lawn service starts the year with 20 lawn mowers. During the year, 3 mowers break and are not worth fixing. Bill also expands his business and buys 10 more mowers. Bill's gross investment is ________ mowers
A) 13 B) 10 C) 30 D) 27 E) 7
If social indifference curves are straight lines with slope of -1, the ethical standard for judging outcomes places all weight on the sum of outcomes and no weight on the distribution of outcomes.
Answer the following statement true (T) or false (F)
Special interest groups often a. represent broad questions of public interest. b. pursue rent-seeking behavior
c. do not use lobbying techniques. d. have no effect on the political process.
Affirmative action laws require employers to search for qualified minority applicants, but not to necessarily give them jobs
a. True b. False Indicate whether the statement is true or false