Refer to the budget line shown in the diagram. The absolute value of the slope of the budget line is
What will be an ideal response?
PC / PD.
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Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point B?
A) 30 thousand wrenches B) 10 thousand hammers C) 13 thousand hammers D) 0 wrenches
In a small European country, it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $300. Based on this information, what is the slope of the per-worker production function in this range?
A) 0.03 B) 3.3 C) 33.3 D) 333
Typical goals of a labor union in the United States include
A. More vacation time, higher profit, and more flexible workplace rules. B. Less work, more workers, and more overtime. C. Higher profit, lower output, and greater productivity. D. Higher wages, better working conditions, and more job security.
The ________ the utilities from each possible outcome of a situation weighted by the probability of that outcome is called expected utility.
A. change in B. sum of C. product of D. difference in