If Walter has one hour of leisure time in which to watch a sporting event on television, his preferences are as follows: Walter prefers watching football to watching baseball, but he prefers watching baseball to watching basketball. He is indifferent between watching baseball and watching hockey. Bundle A contains one hour of football and zero hours of all other sports. Bundle B contains one hour
of baseball and zero hours of all other sports. Bundle C contains one hour of basketball and zero hours of all other sports. Bundle D contains one hour of hockey and zero hours of all other sports. If we were to graph Walter's preferences using indifference curves, which of the following bundles would be on the same indifference curve?
a. A, B, and C only
b. B and D only
c. A and D only
d. There is no combination of the sports that could be drawn on the same indifference curve.
b
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Use the above figure. The total cost of producing at the optimal level for the monopolistically competitive firm is
A) $285. B) $255. C) $180. D) $300.
How is the value of a good determined?
What will be an ideal response?
As technology advancements have led to more white collar jobs,
A) the labor force participation rate for women has increased over the last 50 years.
B) the labor force participation rate for women has decreased since 1960.
C) the labor force participation rate for men and women have increased.
D) a higher percentage of men of working age have entered the labor force.
E) the unemployment rate has steadily fallen.
In 1998, adjusted for inflation, crude oil and gasoline prices were
A. about average. B. quite low. C. slightly above average. D. quite high.