Ben is asked to rate the utility he would get from reading different types of publications for the next hour. If he read a graphic novel he would get utility of 5. If he read a biography, he would get utility of 4, and if he read his economics textbook, he would get utility of 9. An economist would predict that Ben will spend his next hour reading:
A. a graphic novel.
B. a biography.
C. his economics textbook.
D. It is impossible to predict how Ben will spend his time.
C. his economics textbook.
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Which of the following is not an in-kind benefit?
a. A company life insurance policy. b. A company health plan. c. A company's annual holiday bonus. d. A company car.
Which of the following economists is often credited with establishing the monetarist school of thought?
a. John Maynard Keynes b. Arthur Laffer c. A. W. Phillips d. Milton Friedman
Foreign competition will always put a domestic industry at a disadvantage. This leads to massive trade adjustment assistance on the part of each country
a. True b. False Indicate whether the statement is true or false
The Hicks Paradox concerns the irrationality of
A. union dues. B. strikes. C. negotiating additional fringe benefits for union workers at the cost of receiving lower wages. D. unions. E. substituting low-skill labor for high-skill labor.