Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Nigel's opportunity cost of producing one hair pin is
A) 1/3 of a bandana. B) 2.5 bandanas. C) 3 bandanas. D) 10 bandanas.
B
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The __________ lag refers to the problem of getting an accurate fix on what is happening in the economy
A) recognition B) realization C) impact D) None of the above.
The change in the aggregate quantity of goods and services demanded in the U.S. is based on the logic that as the price level falls,
a. real wealth falls, interest rates rise, and net exports fall. b. real wealth falls, interest rates rise, and net exports rise. c. real wealth rises, interest rates fall, and net exports fall. d. real wealth rises, interest rates fall, and net exports rise.
Who is not counted in the U.S. labor force?
A. a person working at least one hour for pay per week B. a full-time college student C. a 70-year-old person who supplements his Social Security payments by working eight hours each week at the minimum wage D. someone actively looking for a job E. a person working 15 hours a week or more, not for pay
Each week Bill buys exactly 7 bottles of cola regardless of its price. Bill's own price elasticity of demand for cola IN ABSOLUTE VALUE is:
A. 1. B. greater than 1. C. zero. D. less than 1.