Suppose you paid $300 to take this economics course, which meets 30 times for one hour a class during the course of the semester. Instead of attending class you could have either flipped hamburgers for $10 an hour or waited tables for $8 an hour. Given this information, the opportunity cost of attending each class session is:
A. $10.
B. $30.
C. $13.
D. $8.
Answer: A
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The ECB would be unable to prevent a large banking crisis in the Eurozone because:
A) it can print money but is prohibited from lending to banks or central banks in the member states. B) crises of such proportions would require an international effort. C) deposits in banks in the Eurozone have FDIC insurance and are therefore out of the control of the ECB. D) its assets are inadequate.
Which statement is true about labor unions in the United States?
A. Overall unions have had no effect on wages, but have created better working conditions. B. They did not gain widespread acceptance until the 1920s. C. The U.S. has virtually the same percentage of its workforce unionized as other industrial nations. D. None of the choices are true of labor unions in the U.S.
The tax rates embodied in the federal personal income tax are such that
A. a rising absolute amount, but a declining proportion, of income is paid in taxes. B. the marginal and average tax rates are equal, making the tax progressive. C. the average tax rate rises more rapidly than does the marginal tax rate. D. the marginal tax rate is higher than the average tax rate, causing the average tax rate to rise.
Which of the following statements is true?
A) Japan is more dependent on foreign trade than is the United States. B) Imports and exports account for over one-half of the GDP of Belgium. C) France is the leading exporting country, accounting for 10 percent of total world exports. D) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice and corn crops.