Serena Williams should pay someone else to mow her lawn instead of mowing it herself, unless
a. Serena has an absolute advantage over everyone else in mowing her lawn.
b. Serena has a comparative advantage over everyone else in mowing her lawn.
c. Serena's opportunity cost of mowing her lawn is higher than it is for everyone else.
d. All of the above are correct.
b
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Social Security was intended to
A. cover all of the income necessary for retirement. B. provide a safety net of retirement income to which recipients would add their savings and pensions. C. provide retirement income for only those without private pensions. D. provide retirement income for only those who did not save for themselves.
Refer to the above table. If the price of the product is $1.50, and the marginal factor cost of an additional unit of an input is $135, how many units of labor should be hired?
A) 11 B) 12 C) 13 D) 14
Like the supply curve for individual goods and services, the aggregate supply curve slopes upward and to the right
a. True b. False Indicate whether the statement is true or false
An individual holds $1,000 in a non-interest-earning checking account, and the overall price level rises significantly. Other things being constant, we would expect
A. the individual's real wealth to decrease and consumption to decline. B. no change in the individual's real wealth but a decline in real national product. C. the individual's stock of real wealth to decrease but real national income to increase. D. the individual's wealth to increase.