The severe recession of 2008-2009 was precipitated by:
What will be an ideal response?
a combination of excessive money and financial frenzy
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Pumpkins are grown in New Mexico with the aid of fertilizer. Hence, fertilizer is a partial answer to which of the three economic question?
What will be an ideal response?
In the presence of asymmetric information, a piece-rate contract
A) achieves production efficiency. B) can lead to agents producing more output than would occur under a fixed-rent-paid-to-the-principal contract. C) is impossible to write. D) will result in the principal earning all of the profit.
The concept of a risk premium applies to a person that is
A) risk averse. B) risk neutral. C) risk loving. D) all of the above
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?
A. 5 smoothies B. 15 smoothies C. 3 smoothies D. 1/3 of a smoothie