Economists do not think it is possible to compare the relative utility that two people get from consuming an additional unit of a particular good
Indicate whether the statement is true or false
TRUE
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Why do trade-offs occur? How are budget constraints related to trade-offs?
What will be an ideal response?
In the context of a production function, the remote order takers in the fast food industry would be classified as:
A) a fixed input. B) a marginal input. C) a variable input. D) an inframarginal input.
An insurance company offering discounts to students with high grades in school an example of:
A. screening. B. signaling. C. statistical discrimination. D. building a reputation.
Bob just graduated from college and has just landed his first job with a local accounting firm that will start in three months. Bob plans to use that time to find a place to live, and adjust to the new area. Bob would be considered:
A. frictionally unemployed. B. employed. C. structurally unemployed. D. Bob is not in the labor force.