Betty consumes good x and good y. If the price of x = $3 and the price of y = $4, then
A) an extra unit of x costs 4/3 units of y.
B) an extra unit of y costs 4/3 units of x.
C) an extra unit of x costs 3/4 units of y.
D) Both B and C.
D
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If, during the negotiations between the union and the management a strike occurs, it would be because
a. The union is trying to convince the management that it will stick to its strategy b. The management doesn't believe the union's threat c. All of the above d. None of the above
If, after careful analysis, an economist concludes that there has been a market failure, which of the following possible corrective actions might the economist favor? Why?
a. prohibiting the activity b. charging fees for continuing the activity c. requiring that the public be informed of the activity d. government purchase of the item for the public
The _________________ the opportunity cost of bad behavior, the _________________ likely one is to exhibit bad behavior
A) higher; less B) lower; more C) higher; more D) lower; less E) a and b
The absolute price of a good in dollar terms is the good's:
A. nominal price. B. equilibrium price. C. marginal price. D. market price.