Jim is planning on attending a football game that costs $40 . He will have to take the day off from the work losing 8 hours of work. His hourly wage is $10 . He estimates it will cost him around $20 for gas and parking at the game. Jim's implicit (opportunity) cost of attending the game equals
a. $80
b. $40
c. $20
d. $140
a
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During the 2000s, the Federal government's deficit rose because of
a. large tax cut in 2001 and 2004.. b. large increases in government spending. c. increases in both the cyclical and structural deficits. d. a recession in 2001. e. all of the above.
The members of the Board of Governors of the Federal Reserve are
A) elected by a vote of the Federal Reserve District Bank presidents. B) appointed by the President of the United States with approval by the Senate. C) appointed by the Congress with approval by the President of the United States. D) elected by a general election of the citizens of the United States.
Average income for adults still varies widely across gender and racial groups in the United States, which tells us:
A. discrimination causes differences in income across race and gender groups. B. income is correlated with race and gender. C. race and gender differences cause differences in income. D. All of these are true.
Based on scientific nutritional studies, in most countries an income of $1 a day does not provide sufficient food, shelter, and clothing to live. Under these conditions the medical risk of death is high. This statement is:
A. a subjective statement. B. a normative statement. C. a positive statement. D. an art-of-economics statement.