People consistently consider sunk costs when weighing the trade-offs involved in a decision because:
A. they are rational.
B. they are utility-maximizers.
C. they think at the margin.
D. they find it hard to accept their losses.
D. they find it hard to accept their losses.
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Between 1860 and 1910, the labor force in agriculture
(a) dwindled to historic lows. (b) decreased at a slow steady pace. (c) increased but not at the same rate as the total labor force. (d) stayed the same.
What are the typical effects on the labor market of technological progress?
In the hope of getting promoted, Inez agreed to work overtime at her job, which meant she could not meet with her study group as planned. If she impressed her boss, she would increase her paycheck. She could study for the exam on her own, even if it meant a slightly lower grade. What concept in economic decision making does this scenario represent?
a. trade-off b. efficiency c. net benefit d. money cost
The productivity gains achieved by specialization are due to
A. comparative advantage. B. scarcity. C. lower opportunity costs from switching production from one good to another. D. absolute advantage.