Which one of the following statements is most clearly inconsistent with the economic way of thinking?
a. "If you give a person a fish, you feed him for a day; if you teach him to fish, you feed him for life."
b. "If the government provides a good free to citizens, then the opportunity cost of the good is zero."
c. "If you derive the same satisfaction from a hamburger as a chicken sandwich, it makes sense to have the cheaper alternative for lunch."
d. "When it is cheaper to have someone else mow your lawn than to mow it yourself, hiring someone to do the job is consistent with economizing behavior."
b. "If the government provides a good free to citizens, then the opportunity cost of the good is zero."
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Developing countries have not benefited as much as expected from their higher education programs because of
(a) lack of program focus on the needs of the country. (b) increasing returns to scale in each individual's education. (c) graduates get jobs in the private sector. (d) all of the above.
What is the marginal revenue from selling the third unit?
a. $50 b. $100 c. $150 d. $0
Interest is
a. the price paid for early availability of funds. b. the risk of extending a loan. c. an unnecessary premium charged for the use of money. d. the price one must pay when she does not save.
Suppose that the market for product X is characterized by a typical, downward-sloping, linear demand curve and a typical, upward-sloping, linear supply curve. Suppose the price elasticity of supply is 0.7 . Will the deadweight loss from a $3 tax per unit be smaller if the absolute value of the price elasticity of demand is 0.6 or if the absolute value of the price elasticity of demand is 1.5?