How is the economic perspective reflected in lines for fast food?
A. Customers select the shortest line because they have perfect information.
B. Lines will typically be of unequal length because of the inefficiencies in counter service.
C. The set of food choices is often too complex for customers and thus creates long lines.
D. Customers select the shortest line because they believe it will reduce their time cost of obtaining food.
Answer: D
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Unemployment compensation is an example of
A) a subsidized service. B) a regressive income program. C) a Social Security benefit. D) an income maintenance program.
What is Jim's opportunity cost of operating his own business?
a. the total amount of money he puts into capital equipment b. the value of his labor that is put into the business c. the cost of hiring his laborers d. All of the above are correct.
The term "present value" refers to the future value of present day money.
A. True B. False C. Uncertain
If the economy is experiencing inflationary boom, and the government lowers taxes in an effort to balance the budget, the Keynesian model indicates the likely effect will be to
a. counteract inflation. b. reduce the trade deficit. c. continue inflationary pressures. d. increase unemployment.