Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, Joe's opportunity cost of selling a car is ________ than Ralph's, and Joe's opportunity cost of selling a car is ________ than Larry's.
A. greater; greater
B. less; greater
C. less; less
D. greater; less
Answer: B
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Refer to Table 9-1. The labor force participation rate for this simple economy equals
A) (1,100/20,000 ) × 100. B) (1,000/15,000 ) × 100. C) (1,100/15,000 ) × 100. D) (1,000/1,100 ) × 100.
A utility possibilities frontier need not incorporate the utility of every individual.
A. True B. False C. Uncertain
Monopolies can make an economic profit in the long run because of
A) rent seeking by competitors. B) the elastic demand for the monopoly's product. C) the cost-savings gained by the monopoly. D) barriers to enter the monopoly's market.
In which of the following externality situations would it be most likely that voluntary agreements could be used to internalize an externality?
A) littering on highways B) overharvesting of alligators in Louisiana C) poaching of elephants in Africa D) trees of one neighbor blocking a view of another