Bill can cook dinner in 45 minutes and mow the lawn in 1.5 hours. Eileen can cook dinner in 1.5 hours and mow the lawn in 2 hours. Which of the following statements is correct?
a. Bill should specialize in both tasks.
b. Bill should specialize in cooking dinner; Eileen should specialize in mowing the lawn.
c. Bill should specialize in mowing the lawn; Eileen should specialize in cooking dinner.
d. Eileen should specialize in both tasks.
e. neither person should specialize.
B
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Increased domestic imports and higher international trade deficits are possible results of government surpluses
a. True b. False Indicate whether the statement is true or false
Refer to Figure 6.6. What area represents the compensation for reduced consumption that results from an increase in the price of gasoline from $1.75 to $3.00 per gallon?
A. a + b
B. a + b + e
C. c + d + e
D. d + e
Confusion and inconvenience costs arise when inflation a. improves the store of value function of money. b. reduces the real value of the unit of account
c. introduces tax distortions on capital gains. d. reduces the real debt burden owed by borrowers.
The Lorenz curve showing perfect income equality would be
A. I.
B. J.
C. K.
D. L.