In a typical college classroom without a seating chart, dozens of students nevertheless occupy classroom seats with a minimum of confusion and disorder. Economics explains the orderly process of seat selection by assuming students
A) engage in entirely random decisions, from which only divine intervention can generate order in the classroom.
B) follow a simple, perhaps even unwritten, rule, such as "seats belong to the person who first occupies them."
C) know all the consequences of their actions, and thus purposefully create an orderly classroom seating assignment even if the professor doesn't require one.
D) trick question: economics cannot deduce any sensible scientific claims about the behavior of college students.
B
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Farmer Ken in Kentucky can raise either 80 pounds of tobacco or 40 bushels of cotton on an acre. Farmer Calvin in California can raise either 150 pounds of tobacco or 50 bushels of cotton on an acre. Which farmer can produce tobacco more efficiently?
a. Farmer Ken in Kentucky. b. Farmer Calvin in California. c. The two farmers are equally efficient at growing wheat. d. More information is needed to determine comparative advantage.
The unemployment rate equals
A) (number of people without a job ÷ population)× 100. B) (number of people without a job ÷ working-age population) × 100. C) [(working-age population - number of people employed) ÷ labor force] × 100. D) (number of people unemployed ÷ labor force) × 100. E) (number of people unemployed ÷ population) × 100.
The utility of a good is
a. different for different consumers b. the same for all consumers c. constant no matter how much is consumed d. related to the cost of producing it e. positive for all goods and all consumers
Give an example, not similar to the text material, where you erroneously took sunk costs into account where it was inappropriate to do so.
What will be an ideal response?