Nonunion labor is a substitute for union labor, so when the minimum wage ________, the demand for union labor ________
A) rises; decreases
B) decreases; increases
C) decreases; decreases
D) rises; increases
E) rises; remains the same
D
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A country is said to have an absolute advantage in producing a good over another country if that first country
A. is a major consumer of the good. B. is a more efficient producer of the good. C. can produce more units of the good. D. has a lower opportunity cost of producing the good.
The table above gives the utility from pens and pencils. If pens and pencils both cost $.25 each and the consumer has an income of $2.25, which of the following combinations maximizes the consumer's utility?
A) 3 pens and 6 pencils B) 4 pens and 5 pencils C) 5 pens and 4 pencils D) 6 pens and 3 pencils
Using the data in the above table, the average fixed cost of producing 9 units per day is
A) $2.22. B) $5.00. C) $5.55. D) $20.00.
Opportunity cost is the
A. cost incurred when one fails to take advantage of an opportunity. B. cost incurred in order to increase the availability of attractive opportunities. C. cost of the best option forgone as a result of choosing an alternative. D. drudgery of the undesirable aspects of an option.