Sadie is getting ready to go to work where she earns $70 a day as a day laborer. Her friend Caroline calls her and asks her to go swimming with sharks for the day. Sadie decides to go with her. Sadie's choice implies that her opportunity cost of working is:
A. less than $70.
B. greater than $70.
C. equal to $70.
D. Cannot say without more information.
B. greater than $70.
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Which of the following is a variable in the equation of exchange?
A) real GDP. B) the velocity of money. C) the money supply. D) the price level. E) all of the above.
The "Law of Diminishing Returns" states that
A) additional inputs will reduce output. B) additional inputs will decrease average productivity. C) the supply of inputs is becoming scarce. D) additional inputs will lead to less additional output.
George Webb Restaurant collects on the average $5 per customer at its breakfast & lunch diner. Its variable cost per customer averages $3, and its annual fixed cost is $40,000 . If George Webb wants to make a profit of $20,000 per year at the diner, it will have to serve__________ customers per year
a. 10,000 customers b. 20,000 customers c. 30,000 customers d. 40,000 customers e. 50,000 customers
Assume a small town decides to build a park by imposing a $2,000 lump-sum tax on each household. If a household's income rises from $50,000 to $75,000 . its marginal tax rate is:
a. 0% b. 2.67% c. 4% d. 8%