In a graph of a firm's short-run total costs and total revenue, the total cost and the total revenue curves, respectively, will intersect the vertical axis
A) above the origin, above the origin.
B) above the origin, at the origin.
C) at the origin, at the origin.
D) below the origin, below the origin.
B
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Professional football players receive, on average, higher wages than professional soccer players in the United States because
A) football is a more dangerous sport. B) professional football teams can draw huge crowds and charge high prices for tickets. C) professional football teams use a draft system. D) the soccer season is longer and so players will be unemployed for a smaller portion of the year.
Which of the following points out that even if most workers were hypothetically willing to see a decline in their own wages in bad economic times as long as everyone else also experiences such a decline, there is no obvious way for a decentralized economy to implement such a plan?
a. efficiency wage theory b. relative wage coordination argument c. adverse selection of wage cuts d. insider-outsider model
Which of the following individuals would be likely to face the lowest opportunity cost of a college education?
A. The 40-year-old owner of a successful construction company who wants to finish college as an example to his children B. A high school basketball star who is offered a multimillion-dollar contract with the NBA, as well as a full scholarship at the university of his choice C. A well-paid staff member at a college who can take classes tuition free D. A high school graduate who has few skills, does not qualify for a full scholarship, and would be able to work as a server at her family's restaurant if she did not go to college
Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Morocco consume?
A) 60 B) 75 C) 135 D) 200