Related to the Economics in Practice on page 3: According to the Economics in Practice, due to the opportunity cost differential, one would expect ________ children at school when the rains have been plentiful in rural India, and ________ children at school when rural India is suffering from a drought.
A. no; all
B. more; fewer
C. the same number of; the same number of
D. fewer; more
Answer: D
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If you buy a five-year-old TV from a friend, the amount you paid for the TV is
A) always added to consumption expenditures but not investment. B) always added to investment but not consumption. C) not included in this year's GDP. D) added to investment if the TV is expected to last more than 5 additional years and added to consumption if the TV is expected to last less than 5 additional years. E) included in this year's GDP only if the TV set was manufactured in the United States.
The host at a party offers Justin a sixth beer. Justin says, “No thanks, man. The marginal utility of that fifth beer was, like, 20 cents, but the marginal utility of the sixth would be minus 10 cents.” If Justin consumes the sixth beer, his total utility will
A. rise by 10 cents. B. reach a plateau and remain constant. C. fall by 10 cents. D. fall below his marginal utility.
If workers sit idly by for a portion of their workday, but are still employed, firms may be engaged in ________
A) intertemporal substitution B) voluntary unemployment C) labor hoarding D) real business
Suppose you are the manager of Big Boards, a firm that produces particle board. To make your particle board, you purchase sawdust from timber farms. During the process of harvesting timber, both lumber and sawdust are produced. If the demand for lumber increases, this will cause the production of sawdust to ________ and the price of sawdust to ________.
A) decrease; fall B) increase; fall C) increase; rise D) decrease; rise