Susan works 60 hours a week while Rachel works 20 hours because she is unable to find full-time work. Which of the following statements is true?
a. Susan is likely to work for an extra hour without a pay hike.
b. Rachel is unlikely to give up another hour's leisure without a pay hike.
c. Susan's opportunity cost of leisure is likely to be lower than Rachel's.
d. Susan is unlikely to give up another hour's leisure without a pay hike.
D
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Refer to the scenario above. What is the total cost involved if Maria chooses to travel by train?
A) $60 B) $400 C) $420 D) $460
The services produced by spouses who cook, clean, and otherwise maintain homes are not counted in the gross domestic product because
A) services are not tangible goods. B) there is no accepted and reliable way to measure their value. C) they do not add to the wealth of the nation. D) this would entail double-counting, since such spouses usually receive free room and board. E) while they are useful services, they do not represent productive labor.
How can international trade affect the exercise of domestic economic power in the United States?
What will be an ideal response?
The quantity of money demanded to satisfy transactions needs
a. is intended for unexpected expenditures b. increases with the level of nominal GDP c. decreases with the level of nominal GDP d. is unrelated to either national income or the interest rate e. varies inversely with the liquidity demand for money.