With the understanding that people respond to incentives, outline the possible outcome for teachers if the K-12 school year is extended to 11 months per year instead of the existing 9 months per year
The concept of working longer per year would be perceived by many teachers as a definite increase in the cost of teaching. Even with additional compensation, many teachers look at summers off as a major benefit of the education profession. If this benefit were eliminated or diminished, some teachers may perceive that the marginal cost of teaching would now be greater than the marginal benefit and would choose to leave teaching.
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How does real gross domestic product (GDP) differ from nominal GDP?
A) Nominal GDP can be used to directly compare the amount of output produced from year to year, while real GDP cannot be used for such comparison. B) Nominal GDP controls for price changes, while real GDP does not. C) Real GDP controls for price changes, while nominal GDP does not. D) There is no difference between nominal GDP and real GDP.
Suppose a hurricane decreased the supply of oranges so that the price of oranges rose from $120 a ton to $180 a ton and quantity sold decreased from 800 tons to 240 tons. What is the absolute value of the price elasticity of demand?
A) 0.11 B) 0.37 C) 2.69 D) 9.33
If people cannot distinguish between goods A and B, then economists describe the goods as
a. having a zero cross elasticity b. being perfect substitutes c. belonging to an oligopolistic industry d. belonging in different markets e. having a cross elasticity of one
When two people agree to a price in a negotiation, we can assume that:
A. each one will receive equal benefits from the transaction. B. the seller will receive more benefit from the transaction than the buyer. C. both parties will benefit. D. only one of the parties will benefit, but there is not enough information to determine which one it will be.