A student has a job that pays a wage rate of $10 per hour. The night before an economics exam, the student has set aside four hours to study for the exam, estimating that for each hour spent studying, her grade will rise by 5 points
That night, she gets a call from her employer to come to work for a wage rate of $15 per hour for that night. She decides to work for three hours and earn an extra $45.00. The next day she takes the test and gets a grade of 75. The opportunity cost for her work is A) the $45.00 she earned.
B) the 15 extra points she estimates that she could have earned on the exam if she had studied the extra three hours.
C) the three hours she did not study.
D) the entire four hours she set aside for studying.
B
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If inflation is positive and is perfectly anticipated,
A) those that lend money lose. B) those that hold paper money lose. C) those that borrow money lose. D) no one in the economy loses.
In recent cases, the U.S. placed quotas or protectionist tariffs on imported steel and imported microchips. In both cases the damage to "downstream" industries was obvious to all and relatively easy to quantify and demonstrate. Assuming that the
lawmakers are not plain dumb, why did they enact these protectionist policies?
Common American re-exports of the Napoleonic War period included all of the following except:
a. cotton. b. sugar. c. coffee. d. spices.
If a monopolist's demand curve shifts to the left such that it becomes tangent to the ATC curve at the output for which marginal revenue equals marginal cost, the monopolist will make only a normal profit
a. True b. False Indicate whether the statement is true or false