After graduating from college, Jim had three choices, listed in order of preference: (1) Move to Florida from Philadelphia, (2) work in a car dealership in Philadelphia, or (3) play soccer for a minor league in Philadelphia. His opportunity cost of moving to Florida includes
a. the benefits he could have received from playing soccer
b. the income he could have earned at the car dealership
c. both a and b
d. cannot be determined from the given information
b
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Which of the following sets of preferences can not satisfy the property of transitivity?
a. Plan A is preferred to plan D. Plan D is preferred to plan B. Plan C is preferred to plan B. b. Plan A is preferred to plan B. Plan B is preferred to plan C. Plan A is preferred to plan C. c. Plan C is preferred to plan A. Plan B is preferred to plan A. Plan C is preferred to plan B. d. Plan D is preferred to plan C. Plan C is preferred to plan B. Plan B is preferred to plan D.
Lucy and Lincoln are salespeople working for the same company with equal skills, ability, and experience. Both are paid a small base salary but the majority of their compensation is in the form of a commission, which is a percentage of the sales they make. Lucy earns more each year than Lincoln. What can you conclude about Lucy and Lincoln?
Why is private ownership an important source of economic prosperity?
What will be an ideal response?
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher