Lunch in Jamie's dorm is an all-you-can-eat buffet, served from 11 a.m. until 1 p.m. By noon, the buffet is picked over, and by 12:30, there are very few popular items left. The garbage bins, though, are full of food. Over time, you would expect that students would:
A. start distributing themselves more evenly over the lunch hours to avoid long lines.
B. come earlier and earlier for lunch in order to have a better selection from which to choose.
C. stop eating so much at lunch because they would notice that it generates waste.
D. be pickier in their selections from the buffet.
Answer: B
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The most commonly accepted objective for a firm is
A. to minimize the variable cost outlay. B. to maximize total revenue. C. to maximize economic profit. D. to stay in business at all cost.
The demand for Alaskan fishermen is the same as the demand for deep-sea divers in Hawaii. The annual earnings of Alaskan fishermen is 30% higher than the earnings of Hawaiian deep-sea divers. What is a possible explanation for this?
A. The amount of human capital needed to be a deep-sea diver must be greater than the amount of human capital necessary to be a fisherman in Alaska. B. Alaskan fishermen must face discrimination that is not encountered by Hawaiian deep-sea divers. C. Being a fisherman in Alaska must be more dangerous than being a deep-sea diver in Hawaii. D. Alaskan fishermen can work only part of the year, but deep-sea divers can work year round in Hawaii.
Buchanan and Wagner assert that there is a political bias toward contractionary fiscal policy and not expansionary fiscal policy
Indicate whether the statement is true or false
Has M2 always been a useful tool for forecasting inflation? Explain.
What will be an ideal response?