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A business owner makes 50 items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned $10 an hour. The item sells for $10 each. Production does not stop during weekends. If the explicit costs total $10,00 . for 30 days, the accounting profit for the month equals:
a. $1,760 b. $2,240 c. $11,760 d. $5,000
Jan is a hyperbolic discounter. She puts weight 1 on utility earned in the current period but only weight .5 on utility earned in future periods. In period 1 she comes up with a plan, which involves taking some action that leads to a loss of C utils in period 2 but provides a benefit of B utils in period 3 . What values of B and C will lead her to behave inconsistently and not follow through on
her plans? a. C < B < 2C. b. B < C. c. B > 2C. d. B < C < 2B.
If the quality of items improves over time, the CPI ________ inflation
a. overstates b. understates c. equals d. approximates
What is one negative effect of growth?
A. Cleaner air due to technological advances B. More healthful foods C. Obesity due to falling food prices D. Advances in medicine driven by scientific discovery