Refer to Table 3-20. What is Theresa’s opportunity cost of producing one pound of beef?
a. 5/6 bushel of wheat
b. 6/5 bushel of wheat
c. 3/5 bushel of wheat
d. 5/3 bushels of wheat
Ans: d. 5/3 bushels of wheat
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In the United States between the 1970s and the 2000s, the productivity of labor increased. This increase led to
A) an increase in the demand for labor. B) no change in either the demand for or the supply of labor. C) a decrease in the supply of labor. D) a downward shift of the production function. E) an increase in the supply of labor.
Refer to Scenario 12.2. If each player plays an ideal mixed strategy, then neither Jerome nor Eliza will donate a kidney about ________ of the time
A) 6.25% B) 12.5% C) 37.5% D) 56.25%
An asset is said to be illiquid when:
a. it lacks purchasing power. b. it cannot act as a store of value. c. it is an illegal tender. d. it cannot be readily exchanged for goods. e. it cannot be used to settle debts.
If you want to become an actor, and you must join the Screen Actors Guild after your first job, the Screen Actors Guild is a(n)
A. closed shop. B. open shop. C. agency shop. D. union shop.