Sue is taking an accounting job she was offered that pays $67,000 per year. She also had two other offers, a sales job paying $71,000 per year and a marketing job paying $65,000 per year. What is Sue's opportunity cost of taking the accounting job?
A) $65,000
B) $67,000
C) $71,000
D) $136,000
C
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The poverty line is the income level
a. earned by a worker employed full-time at the minimum wage. b. below which a family is officially considered "poor." c. above which a family is not entitled to government assistance. d. that is the average for American families.
Which of the following goods is excludable but not rival in consumption?
a. a congested toll road b. fire protection in a small town c. a tornado siren d. whales in the ocean
If the MRP of labor were $50 and the wage rate were $100,
A. exactly the right amount of labor is being used. B. not enough labor is being used. C. only half as much labor is being used as should be used. D. too much labor is being used.
Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.Recall the Application. As the world price of wool decreased, the quantity of wool supplied by individual ranchers would ________, and the quantity supplied in the world market would ________.
A. increase; increase B. increase; decrease C. decrease; decrease D. decrease; increase