Keri decided to sleep in today rather than attend her 9 a.m. economics class. According to economic analysis, her choice was
What will be an ideal response?
rational if Keri values sleep more highly than the benefit she expects to receive from
attending the class.
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More bidders would tend to increase the selling price at an oral auction if
a. bidders bid less aggressively b. the true value of the winner is higher c. the true values of the losers is higher d. Both A&C
John is a U.S. citizen who works for Walmart located in France. John's work contributes to:
A. U.S. GDP, but not U.S. GNP. B. U.S. GNP, but not U.S. GDP. C. both U.S. GDP and U.S. GNP. D. neither U.S. GDP nor U.S. GNP.
What is the rule for efficient output selection and how does the competitive market achieve it?
Curly and Moe are considering living alone or being roommates and splitting the rent for the next twelve months. If they live alone, they each rent a one bedroom, one bath apartment for $500 per month, while if they are roommates, they can split a two bedroom, one bath apartment for $800 per month. The one difficulty they have is that Moe snores very loudly. Curly estimates the cost of poor sleep due to Moe's snoring at $150 per month. Moe could obtain a snore-eliminating device for $50 per month. The actual monthly gain in surplus to Curly and Moe from living together after addressing the snoring problems in the least costly way is:
A. $100. B. $50. C. $150. D. $200.