Based on the Figure 3.5, what is the optimal choice for hours spent on this activity?
A. 0
B. 8
C. There is no optimal choice.
D. There is not enough information to determine the optimal choice.
B. 8
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What does it mean to say that an individual's preferences are transitive?
What will be an ideal response?
If firms meet together to decide on prices and outputs there is
a. overt collusion. b. tacit collusion. c. price leadership. d. None of the above are correct.
Refer to the accompanying figure. The opportunity cost of producing one bushel of corn is:
A. 250 bushels of wheat. B. ½ of a bushel of wheat. C. 500 bushels of wheat. D. 2 bushels of wheat.
Use the IS-LM model to determine the effects of each of the following on the general equilibrium values of the real wage, employment, output, the real interest rate, consumption, investment, and the price level.(a)Tougher immigration laws reduce the working-age population.(b)There's increased volatility in the prices of stocks and bonds.(c)The government tries to achieve tax equity by an increase in the corporate tax rate.(d)Increased computerization reduces stock market brokerage costs.
What will be an ideal response?