The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Of the labeled points, only ________ are attainable.
A. T and U
B. W, X, Y, Z, V, and T
C. X, Y, and Z
D. W, X, Y, Z, and V
Answer: B
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The investment function implies that current output does not influence investment. Does that make sense?
What will be an ideal response?
Most economists believe that classical macroeconomic theory is a good description of the economy
a. in neither the short nor long run. b. in the short run and in the long run. c. in the short run, but not in the long run. d. in the long run, but not in the short run.
When the benefit of another hour of work is greater than the opportunity cost, we would expect the worker to work:
A. another hour. B. exactly that amount. C. an hour less. D. Cannot be determined without more information.
Your bike is worth $100 and if you park it outside at school there is a 25% chance that it will be stolen. Your utility function for money is U = (M)2. Assume throughout that the bike value and money are interchangeable since you could sell the bike instantly at its value if necessary. Campus security has a bike check in that will guard your bike for $15 so there will be no risk of loss. Do you take the campus security deal?
What will be an ideal response?