Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. His friend calls him and asks him to go mountain biking for the next 2 hours instead. Eli cannot decide between the two activities. His indecision implies he values riding his mountain bike for two hours:
A. more than $16.
B. less than $16.
C. at exactly $16.
D. at no more than $8.
C. at exactly $16.
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Even though points inside a production possibilities curve are attainable, why are they not preferred?
What will be an ideal response?
A monopolistically competitive firm and a perfectly competitive firm are alike because both types of firms
I. face downward sloping demand curves. II. have marginal revenue curves that lie beneath their demand curves. III. can make only zero economic profit in the long run. A) I and II B) I and III C) III only D) I only
A negative income tax system would provide all households, including the poor, with:
a. cash payments. b. incentives to earn income. c. higher income levels. d. medical assistance. e. lower tax bills than it does .
According to the quantity theory of money, if an economy produces 5,000 units of output, its money supply equals $40,000 and the velocity of money equals one, then the price level will equal:
a. $0.13. b. $1.25. c. $8. d. $200. e. $8,000.