A person will choose to work another hour if the benefit of another hour of work is:
A. greater than the opportunity cost.
B. exactly equal to the opportunity cost.
C. less than the opportunity cost.
D. exactly equal to the average total cost to the firm.
A. greater than the opportunity cost.
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Using the table, what is the minimum price that Fred is willing to accept to supply 400 slices of pizza per month?
A) $3.50 B) $2.50 C) $3 D) $4
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna instead holds an oral auction between the two bidders and one bidder of each type shows up, she earn ___ from the auction
a. Just above $100 b. $100 c. Just above $70 d. $70
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
Which of the following will tend to occur as a result of a reduction in the proportion of a country's workers who have indexed wages?
A) the unemployment rate will be relatively low. B) the unemployment rate will be relatively high. C) the inflation rate will be relatively low. D) a given change in the unemployment rate will cause a relatively smaller change in the inflation rate. E) none of the above