Bob is unemployed if he
A. has looked for a job for two months and then quit looking.
B. is not looking for a job.
C. is temporarily absent.
D. A and C are correct.
Answer: C
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Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. For Jerry, the opportunity cost of building a fence is ________ dishes made.
A. 7 B. 4 C. 14 D. 2
In Egypt, in 1970, the Aswan Dam was completed. By preventing the annual flood of the Nile (thereby providing millions of acres of arable land) and by providing electricity, the dam was expected to raise the living standard of the Egyptian people-and it has. However, it has also led to a rise in the water table which causes Egypt's limestone structures, including the pyramids, to absorb more salt
water and to suffer serious erosion from crystallized salts. Combined with air pollution and traffic vibration, this erosion is turning the pyramids to dust. Economists analyze this type of problem with the concept of a. an externality. b. the antiquity problem. c. a free-rider problem. d. the public good problem. e. the trade-off between equity and output.
Refer to the accompanying table. Martha's opportunity cost of making of a pie is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 80 cakes. B. 4/3 of a cake. C. 8 cakes. D. 3/4 of a cake.
The property tax may be regressive even though wealthy people own much more taxable property than do poor people. This possibility arises because:
A. marginal and average tax rates on property tend to converge. B. wealthy people can evade property taxes while poor people cannot. C. property taxes on rental property and business property are shifted. D. statutory property tax rates decline as the value of property rises.