What did President George W. Bush and Mother Teresa have in common?
A) They each pursued projects in which they were interested.
B) They each demonstrated a burning desire to directly serve the poorest of the poor.
C) They each promoted a plan to build up the American nuclear defense system.
D) They were both well-known fans of the Dallas Cowboys.
A
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What is the name of the organization that defines business cycle peaks and troughs in the United States?
A) the National Bureau of Economic Research B) the National Peak and Trough Committee C) the Bureau of Labor Statistics D) the Federal Reserve
Michelle Palmisano has the rare talent to be a top rodeo rider, yet her winnings are not anywhere near the level of players in the major pro sports. The reason is that
a. anyone can ride in a rodeo b. demand and supply have simultaneously shifted by unknown amounts c. demand for her talent is not sufficient to support a high level of pay d. technology for saddles has not advanced for a long time e. consumer incomes have been increasing substantially
Craig quit a job earning $12,00 . per year to open his own lawn-care service. Yesterday, he was offered a job earning $20,00 . per year at Home Depot, but he turned it down to continue running his lawn-care service. Assuming that his total revenue (= P
× Q) has not changed, (a) explain the impact of this job offer on Craig's economic profit, and (b) explain the impact of this job offer on his normal profit.
Individuals economize and respond predictably to
What will be an ideal response?