The real wage is the:
A. ratio of wage of unskilled workers to the wage of skilled workers.
B. demand for labor.
C. price of labor.
D. marginal product of labor.
Answer: C
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Bill attends a local basketball game. The teams are very unbalanced, the play is bad, and the score quickly reaches 36-2. At halftime, Bill realizes he's having no fun, leaves the game, and goes home. Bill's behavior is NOT determined by
A. economic logic. B. sunk costs. C. utility maximization. D. None of these is true.
Consumer Surplus
What will be an ideal response?
Which of the following is responsible for invoking the Fed's emergency powers?
A. FOMC B. a majority of the Federal Reserve Bank presidents C. Board of Governors D. Fed Chairman
Refer to the information provided in Table 8.2 below to answer the question(s) that follow.
Table 8.2 
Refer to Table 8.2. If Sherry produces zero earrings, her total fixed costs are
A. $0. B. $50. C. $100. D. indeterminate from this information.