Brandon is having difficulty deciding between two jobs, X and Y. As shown in the accompanying diagram, X entails a greater risk of injury than Y, but pays more. Ideally, Brandon would like a job that both pays well and does not entail a high risk of injury. 
If Brandon behaves like most decision-makers, then the addition of option Z would:
A. have no impact on his choice of X and Y.
B. increase his likelihood of picking X.
C. decrease his likelihood of accepting any job.
D. increase his likelihood of picking Y.
Answer: D
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The primary purpose of the Cobb-Douglas power function is to:
a. allow one to make estimates of cost-output relationships b. allow one to make predictions about a resulting increase in output for a given increase in the inputs c. aid one in gaining accurate empirical values for economic variables d. calculate a short-run linear total cost function e. a and b
Which of the following is the prime objective of an industrial policy for any country?
a. To secure a leading global role for selected domestic industries b. To promote and encourage the import of goods and services c. To secure the interests of migrant workers d. To encourage specialization of labor e. To ensure a high level of competition for domestic firms
Suppose the market consists of 3 individuals: Citizen A, Citizen B and Citizen C. 
If the good shown on the graphs is a public good, then the marginal benefit of the 30th unit is:
A. $4 B. $30 C. $2 D. $9
Suppose the manager of a restaurant notices that when she has too many waiters on the floor for a shift that the waiters get in each other's way and fewer dinners are served. This is an example of
A) diminishing marginal product. B) diminishing marginal utility. C) diminishing marginal workforce. D) diminishing marginal inputs.