Which of the following is not a resource as the term is used by economists?
A. land
B. labor
C. money
D. buildings
Answer: C
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The wage is to the labor market as the
a. rental price of capital is to the capital market. b. purchase price of capital is to the capital market. c. supply of land is to the land market. d. demand for land is to the land market.
Each citizen in a small town suffers 5 units of irritation for each bushel of leaves burned in the town. The charge for hauling a bushel of leaves to the land fill is a fee equal to 20 units of irritation. There are 25 people in the town, each of whom minimizes personal irritation and has 10 bushels of leaves. What is the marginal cost to society when a bushel of leaves is burned?
What will be an ideal response?
Suppose that a haircut will give Dawn 2,000 units of utility and cost her $40, whereas a manicure costs $25 and yields 1,000 units of utility. Most likely Dawn should:
A. choose the haircut because she will receive 50 units of utility per dollar compared with 45 units of utility per dollar for the nails. B. be indifferent between the two choices. C. choose the haircut because each unit of utility will cost her $0.02 compared with $0.025 for the nails. D. choose the nails because she will obtain 50 units of utility per dollar compared with 40 units of utility per dollar for the haircut.
A rational person maximizes
A) risk. B) return. C) expected utility. D) return variance.