Bill can cook dinner in 45 minutes and mow the lawn in 1.5 hours. Eileen can cook dinner in 1.5 hours and mow the lawn in 2 hours. Bill's opportunity cost of mowing the lawn is
a. 1/2 of a dinner
b. 2 dinners
c. 3/4 of a dinner
d. 1-1/3 dinners
e. 2-2/3 dinners
B
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Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A) selling price was below equilibrium price. B) selling price was above equilibrium price. C) selling price was at equilibrium. D) the game was advertised too heavily.
A money market deposit would be considered
a. M1 money b. M1 and M2 money c. M2 money d. M2 and M3 money e. a near money
Personal consumption accounted for $12.3 billion in 2015 in the United States.
Answer the following statement true (T) or false (F)
In economics, resources are also known as
A) minerals. B) factories. C) factors of production. D) human capital.