Historical episodes are not valuable to economists
a. True
b. False
Indicate whether the statement is true or false
False
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If the quantity of one good that must be forgone increases as successive units of another good are produced, then there is said to be increasing opportunity cost between the two goods.
Answer the following statement true (T) or false (F)
Suppose a plaintiff hires a lawyer to represent her in a court case. She agrees to pay the lawyer a wage per hour
She knows precisely what the lawyer should do and how long each activity should take, and she can verify that the lawyer has correctly completed each activity. She can terminate the contract at any time. With this contract, A) the lawyer bears all the risk. B) the risk is shared by the lawyer and the plaintiff. C) production efficiency can be achieved. D) production efficiency is impossible.
Noncompeting groups of workers are the result of:
A. differences in the age-earnings profiles of workers. B. differences in the "job tastes" of workers. C. differences in the innate and acquired abilities of workers. D. geographic immobility.
Refer to Figure 3-5. At a price of $10, the quantity sold
A) is 2 units. B) is 4 units. C) is 6 units. D) is 8 units.