John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517The first hour John spends cleaning windows costs him ________ that he could have earned in the grocery store.
A. $18
B. $14
C. $2
D. $7
Answer: D
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
If firms' inventories exceed their planned inventories, firms
A) increase employment. B) increase GDP. C) increase production. D) increase income. E) decrease production.
A decision matrix:
A. summarizes the players, strategies, and payoffs associated with a game. B. outlines the clear outcome of any strategy-based game. C. shows only the decisions of one player. D. is not useful in evaluating the strategic choices.
Recall the Application about the merger of Sirius Satellite Radio and XM Satellite Radio to answer the following question(s).Recall the Application. What were the tradeoffs that government regulators had to consider in determining whether to allow Sirius and XM to merge?
What will be an ideal response?