Ethics play a key role in income redistribution.
A. True
B. False
C. Uncertain
A. True
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A country is said to have a comparative advantage in the production of a good when it:
a. has the lower opportunity cost of producing the good. b. can produce the good using fewer resources than another country. c. requires fewer labor hours to produce the good. d. all of these.
Suppose you were working for Richstone's bakery and calculating whether the bakery was making a profit, considering the recent increase in rent. You have the following data: P = $20, AVC = $10, AFC = $12, and quantity of birthday cakes produced a day is 20 . You conclude that the bakery ends up at the end of the day with a
a. loss of $10 b. profit of $10 c. loss of $20 d. profit of $40 e. loss of $40
Jane wants to buy a beautiful doll as a gift for her sister's birthday. She knows that the same product is offered in different shops with prices of $120, $100, and $80 with odds of one-third of finding each price. She just stopped at a shop and knows that the price is $100. If the search cost is $8 per time, what should she do?
A. Accept the offer in hand. B. She should toss a coin. C. Search once more and decide again upon knowing the price. D. Insufficient information to determine.
Money's use in non-barter transactions relates to its role as a
A. store of value. B. medium of exchange. C. standard of deferred payment. D. unit of accounting.