Inputs, or factors of production, include
a. labor.
b. machinery.
c. natural resources.
d. all of the above.
d
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The certainty equivalent is less than the expected value of a gamble when tastes are risk averse.
Answer the following statement true (T) or false (F)
Kachina is a senior majoring in graphic design at Awesome University (AU). While she has been attending college, Kachina started a computer consulting business to help senior citizens learn how to use their iPads. Kachina charges $25 per hour for her consulting services. She also works 5 hours a week for the Economics Department to maintain that department's Web page. The Economics Department
pays Kachina $20 per hour. Which of the following statements is correct? a. Kachina should increase the number of hours she works for the Economics Department to make her income comparable to her consulting business income. b. Kachina cannot be maximizing her well-being if she continues to work for the Economics Department. c. If Kachina chooses one hour at the beach with her friends rather than spend one more hour with a consulting client, the forgone income of $25 is considered a cost of the choice to go to the beach. d. Both b) and c) are correct
The law of supply is illustrated by a supply curve that is:
a. Vertical b. Downward sloping c. Upward sloping d. Horizontal
According to international trade theory
A) trade is based on absolute advantage. B) comparative advantage is based on absolute advantage. C) every country has a comparative advantage in something. D) less developed countries cannot trade successfully with developed countries.