Juanita, a lawyer, can type faster than Jill, her secretary. Jill, on the other hand, does not have the ability or skills to practice law. Applying the principles of international trade to this situation, an economic consultant advises Juanita to:
A. fire Jill, practice law during the day, and do her own typing at night.
B. practice law and leave all the typing to the secretary.
C. divide her time equally between typing and practicing law.
D. quit practicing law and take a job as a secretary.
Answer: B
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If the amount of time spent procrastinating and the performance on an exam are inversely related, then
A. more procrastination leads to lower exam grades. B. more procrastination leads to higher exam grades. C. a graph with this relationship would be positively sloped. D. the slope of the line reflecting this relationship will be 0.
Economics is the study of how individuals, businesses, and governments make decisions and make trade-offs in the face of scarce resources.
Answer the following statement true (T) or false (F)
Refer to the diagram, where variable inputs of labor are being added to a constant amount of property resources. Marginal cost will be at a minimum for this firm when it is hiring:
A. Q 3 workers.
B. Q 2 workers.
C. Q 1 workers.
D. more than Q 3 workers.
Which of the following is NOT an important source of revenue for the federal government?
A) individual income taxes B) property taxes C) social insurance taxes and contributions D) corporate income taxes