The hourly wage rate is the opportunity cost of one hour of leisure because
A) the person's substitution effect exceeds his or her income effect.
B) that is what a person gives up to enjoy the hour of leisure time.
C) the person must work for a living.
D) the person prefers leisure to work regardless of the wage.
B
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Jane lives and works in New York. Every month she sends $500 to her mother in London. This is an example of a(n) ________
A) import by the U.S. B) transfer payment to the U.K. C) export by the U.S. D) factor payment to the U.K.
By the time the Civil War (1861–1865) ended, hyperinflation was a problem in both the North and the South
Indicate whether the statement is true or false
A jar has 20 red jelly beans and 40 black jelly beans. If you pick a red jelly bean and put it back, what are the odds of picking a red jelly bean next?
A) 20/40 B) 20/60 C) 40/60 D) 0
Economists generally assume that ____ economic growth is better for society.
A. slower B. faster C. stable D. declining