Which of the following is the best example of leisure?
a. Cynthia goes out for tea with an old friend.
b. Bertrand wins $10,000 on an illegal bet.
c. Constanza spends all day cleaning her basement.
d. Jessie babysits for his neighbor.
a. Cynthia goes out for tea with an old friend.
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Given the information in the table above, Home's opportunity cost of widgets is
A) 0.5. B) 2.0. C) 6.0. D) 1.5. E) 3.0.
In real business cycle models and new classical models
a. monetary factors are responsible for fluctuations in output and employment. b. changes in unemployment are involuntary. c. markets always clear. d. prices and wages are perfectly flexible. e. none of the above.
What do neoclassical economics and behavioral economics believe about giving people options?
A. Both believe that people make better decisions when they are given a greater set of options. B. Behavioral economics focuses on providing more options; neoclassical economics focuses on helping people make more rational decisions with the options available. C. Neoclassical economics focuses on providing more options; behavioral economics focuses on helping people make better decisions with the options available. D. Both believe that people are better off with fewer options, allowing them to spend more time calculating the benefits and costs of each available option.
If a country has a trade surplus of $60 billion, which of the following can be true?
A. The country's exports are $160 billion, and its imports are $60 billion. B. The country's exports are $120 billion, and its imports are $180 billion. C. The country's exports are $110 billion, and its imports are $190 billion. D. The country's exports are $180 billion, and its imports are $120 billion.