Refer to the accompanying figure. For Pat, the opportunity cost of removing one bag of trash is planting:
A. 5 bulbs.
B. 1/5 of a bulb.
C. 100 bulbs.
D. 1/100 of a bulb.
Answer: A
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According to the above table, in the base period (Year 1), the price index is
A) 100. B) 213.3. C) 46.9. D) 180.
One of the social benefits of frictional unemployment is that
a. workers get time off from work. b. economic growth is limited. c. workers move from less to more valuable firms. d. wage rates decrease.
The firm should hire more labor as long as doing so adds more to ________ than it does to ________
a. costs; revenues b. revenues; resources c. costs; resources d. revenues; costs
Economic analysis assumes "purposeful behavior", which means that people will pursue decisions or actions:
A. That will increase their well-being B. Always based on full or complete information C. With minimal consideration for their emotions D. Without any logical faults