Janie must choose to either mow the lawn or wash clothes. If she mows the lawn, she will earn $30, and if she washes clothes, she will earn $45. She dislikes both tasks equally and they both take the same amount of time. Janie will therefore choose to ________ because it generates a ________ economic surplus.
A. wash clothes; smaller
B. mow the lawn; bigger
C. mow the law; smaller
D. wash clothes; bigger
Answer: D
You might also like to view...
Macroeconomics differs from microeconomics in that macroeconomics focuses on:
A. individual choices and group behavior in individual markets. B. production in specific markets. C. the performance of national economies and ways to improve that performance. D. prices in specific markets.
A Giffen good could be either a normal good or an inferior good
Indicate whether the statement is true or false
Higher prices and price increases combined with lower real output and income, resulting from a major increase in input prices in the economy is called:
A) deflation. B) inflation. C) stagflation. D) none of the above.
Economists argue that individuals should continue to consume until total benefit equals total cost.
Answer the following statement true (T) or false (F)