Economists are trained to be as:
A. subjective as they can be.
B. opinionated as they can be.
C. deconstructionist as they can be.
D. objective as they can be.
Answer: D
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John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517John's benefit from his first hour cleaning windows is:
A. $7 B. $14 C. $18 D. $2.
Social costs of a good are equal to
A) external costs minus private costs. B) private costs minus external costs. C) private costs plus external costs. D) external costs divided by the private costs.
If workers demand wage compensation in advance of inflation, the economy's aggregate supply curve will
a. have a positive slope. b. have a negative slope. c. be vertical. d. be horizontal.
The largest expenditure component of the federal budget is spending on
A. foreign aid. B. the military. C. public education. D. entitlement programs.