Which of the following phrases does not describe an essential characteristic of a factory?
a. produces a standardized product to be sold in a wide market
b. relies on stocks and bonds in order to finance plants and machinery
c. assembles workers under a definite organizational discipline
d. carries out complex operations in one building or in adjacent buildings
b. relies on stocks and bonds in order to finance plants and machinery
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How long is it worthwhile to continue searching for a $20 bill that you lost if you value your time at $5 an hour?
A) About 2 hours if there is a fifty percent chance of finding it. B) About 4 hours, regardless of the probability of finding it. C) Only so long as you expect to find it within the next four hours, which could mean far more than four hours of searching. D) You cannot make a rational decision without first knowing whether you will find it. E) You should not search at all because the lost bill is a sunk cost.
In the above figure, the monopolist's profit-maximizing price is
A) A. B) B. C) C. D) D.
If Don has budget constraint C in the graph shown, what is the trade-off he faces in terms of the two goods?
This graph shows three different budget constraints: A, B, and C.
A. Two cases of soda for every three gallons of milk
B. One case of soda for every one and a half gallons of milk
C. Three cases of soda for every four and a half gallons of milk
D. All of these accurately reflect Don's tradeoff.
Government vouchers to purchase food, also known as food stamps, are an example of
a. an in-kind transfer. b. life-cycle income. c. a negative income tax. d. permanent income.