Which of the following situations is the most common? Men and women
A. doing the same job and getting equal pay.
B. doing the same job and getting unequal pay.
C. doing very different kinds of work and consequently having different earnings.
D. randomly distributed across occupations with average earnings about equal.
Answer: C
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Consider a production possibility frontier with jeans on the vertical axis and shoes on the horizontal axis. As a country moves along the frontier closer to the vertical axis,
A) the opportunity cost of producing jeans decreases. B) inefficient production occurs. C) the opportunity cost of producing jeans increases. D) there are fewer tradeoffs. E) the opportunity cost of producing shoes increases.
When the price of a sweet roll is $2, the bakery sells 300 rolls per week. If it raises the price to $3, then it sells 150 rolls per week. Based on this, the price elasticity of a sweet roll between these prices is
A. 0.40. B. 1 C. 1.67. D. 0.67.
If an economist is trying to figure out, in a certain situation, “What would happen if?”, then that economist is working in the area of
a. normative economics. b. positive economics. c. the theory of the firm. d. welfare economics.
Payoffs are:
A. the rewards that come from particular actions. B. always monetary. C. things that are only enjoyed by the winner. D. bribes made to gain some advantage unfairly during a game.