Ted quits his $60,000-a-year job to be a stay-at-home dad. What is the opportunity cost of his decision?
A) the value he attributes to the joy of parenting
B) at least $60,000
C) zero, since he will no longer be earning a salary
D) depends on the "going rate" for stay-at-home dads
B
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If the MPC = .75, the spending multiplier is:
a. 4. b. 5. c. 1.33. d. 1.20. e. .25.
"Second-hand" smoke is an often cited disadvantage of allowing smoking in restaurants. In economics, "second-hand" smoke is referred to as a(n)
A) capital good. B) externality. C) economic cost. D) negative investment.
Information products (e.g., software)
A. have relatively high fixed costs and relatively high marginal and average variable costs. B. have relatively high fixed costs but low marginal and average variable costs. C. have relatively low fixed costs but high marginal and average variable costs. D. have relatively low fixed costs and relatively low marginal and average variable costs.
A tax imposed by a government on imports of a good into a country is called a
A) tariff. B) quota. C) value added tax. D) sales tax.