You have an hour between your economics and math classes. What is the opportunity cost of that time if you use it to complete your math homework instead of your economics homework?
A) the economics homework you could have completed
B) the cost of your calculator and math textbook
C) the math homework you chose to complete
D) zero, because it doesn't cost any money to do your math homework
A
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In the above figure, as output increases, the distance between curves B and C decreases because
A) total cost decreases as output increases. B) average fixed cost decreases as output increases. C) there are diminishing returns to average total cost. D) there are increasing marginal costs as output increases.
A dry cleaner currently has 10 workers and 4 machines. The workers' wage rate is $300 per worker and the rental rate for a machine is $500. The last worker added 600 units to total output and the last machine also added 600 units to total output, and the last machine also added 600 units to total output. If the dry cleaner uses 11 workers and 3 machines instead, then
A. cost will be unchanged and output will decrease by 200 units. B. cost will be unchanged and output will increase by 300 units. C. output will be unchanged and cost will decrease by $200. D. output will be unchanged and cost will decrease by $500. E. none of the above
The supply curve of labor to risky jobs reveals.
A. how many workers are willing to offer their labor to the risky job as a function of the wage differential between the risky job and the safe job. B. the number of workers who dislike risky jobs. C. the fraction of workers who dislike risky jobs. D. how many workers are willing to offer their labor to the safe job as a function of the wage paid to workers of the risky job. E. how many workers are willing to offer their labor to the risky job as a function of the wage paid to workers of the safe job.
In the past few centuries, choices have led to a substantial decline in the standards of living around the globe.
Answer the following statement true (T) or false (F)