A consumer's total transportation cost includes all of the following except which one?
A) the value of the consumer's time deciding which store to travel to
B) the cost of a subway ticket to the store
C) the value of the consumer's time spent in the store
D) the value of the consumer's time spent getting to and from the store
A) the value of the consumer's time deciding which store to travel to
You might also like to view...
The reporter on one broadcast network says 2011 GDP increased to an all-time high. Commenting on the same figure, a second reporter says GDP in 2011 was less than in 2010 . Which of the following explanations is consistent with the statements of both reporters?
a. The first reporter was referring to real GDP, and the second was referring to nominal GDP. b. The first reporter was referring to nominal GDP, and the second was referring to real GDP. c. The first reporter was referring to GDP as measured by the expenditure approach, and the second was referring to GDP as measured by the income cost approach. d. The first reporter was referring to GDP as measured by the income cost approach, and the second was referring to GDP as measured by the expenditure approach.
Which of the following is an example of an efficiency wage?
a. a high wage paid to compensate for dangerous work such as coal mining b. an above-equilibrium wage offered by a firm to attract a more talented pool of job applicants c. a wage below the minimum wage but supplemented by customer tips d. a high wage paid to a college graduate for a high-skill job such as electrical engineering
Trade, whether between individuals or nations, will not take place unless
A. there is one commodity and one currency. B. at least one participant expects to gain from the trade. C. both participants expect to gain from the trade. D. each side has an absolute advantage.
Other things equal, tax cuts favoring the rich and reductions in funding for government programs favoring the poor would be expected to:
A. increase income inequality, causing the Lorenz curve to bend away from the diagonal line. B. decrease income inequality, causing the Lorenz curve to bend toward the diagonal line. C. increase income inequality, causing the Lorenz curve to bend toward the diagonal line. D. decrease income inequality, causing the Lorenz curve to bend away from the diagonal line.