Suppose that you can either buy a radio from a firm for $50 or find and purchase the components yourself and then either assemble them yourself or hire someone to do so. You should
a. buy the radio because it's possible to do so
b. assemble the radio yourself because it's possible to do so
c. assemble the radio yourself only if you know how to do so
d. assemble the radio yourself only if the total price of all the components is less than $50
e. assemble the radio yourself only if the total price of all the components plus the value of your own time is less than $50
E
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Refer to Table 4-8. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor supplied?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
Certain vendors that market their goods via mail order have been known to send out catalogues to different regions of the country with items priced differently across regions
Assuming prices are matched to regions on a random basis, this practice would be considered an example of group pricing, or third-degree price discrimination. Indicate whether the statement is true or false
A worker would be hurt least by inflation when the:
a. worker anticipates inflation and increases savings at the bank. b. worker is protected by a cost-of-living adjustment clause in an employment contract. c. price level increases but at a decreasing rate. d. worker is protected by fixed annual increases in wages and benefits in an employment contract.
A cartoon in the text shows two people watching television. On the screen are the words "Economic growth indicators are up, led by car repairs, divorce costs, open-heart surgeries, and toxic waste cleanups." The cartoon illustrates the
A) Difficulty in measuring social welfare. B) Difference between GDP and national income. C) Problem of measuring the difference in wealth between the United States and other nations. D) Difference between GDP and NDP.