The value of the marginal product of labor can be calculated as the price of the final good minus the marginal product of labor
a. True
b. False
Indicate whether the statement is true or false
False
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The terms of trade equation is written as
a. index of export prices – index of import prices b. 100 × (index of import prices × index of import prices) c. 100 × (index of import prices + index of export prices) d. 100 × (index of import prices/index of export prices) e. 100 × (index of export prices/index of import prices)
There is much world concern over the deteriorating condition of the pyramids and other historical structures in Egypt. While people of all nations enjoy visiting these structures, there has been little financial support for preservation coming from within Egypt or from elsewhere. Economists would describe this as an example of
A. an externality. B. a public good. C. a free-rider problem. D. imperfect information.
The opportunity cost of housing =
What will be an ideal response?
Alex, who is risk-neutral, is looking for a one-bedroom apartment to rent for the month of August while he's on vacation in Seattle. All of the one-bedroom apartments in the neighborhood where he wants to stay are of equal quality, but 70 percent rent for $700 per month, 20 percent rent for $600 per month, and 10 percent rent for $500 per month. The first apartment Alex finds rents for $700 per month. If the cost to Alex of searching for an apartment is $30, then searching for another apartment is a gamble with an expected value of:
A. $20. B. $40. C. $0. D. $10.