________ occurs when the economy is producing what people want at least possible cost.
A. Maximum profit
B. Equity
C. Efficiency
D. Stability
Answer: C
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Your neighbors have offered to pay you to look after their dog while they are on vacation. It will take you one hour per day to feed, walk, and care for the dog, which you can do either before or after you go to work. Your regular job pays $10 per hour, and you can work up to eight hours per day. The smallest amount of money you would accept to look after your neighbor's dog is equal to:
A. $15 per day, because overtime wages are generally 1.5 times your regular wage when you work more than eight hours a day. B. the value of one hour of leisure, which is greater than zero. C. zero, because your regular job is not available for more than eight hours per day. D. $10 per day, because that is your opportunity cost of one hour of work.
Which statement is true?
A. The monopolist operates at the minimum point of its average total cost curve. B. Once a monopoly is set up, it is impossible to dislodge it. C. Monopolies are always large firms. D. Price is always read off the demand curve.
The diversion of surplus labor in agriculture to the production of schools or roads in developing countries is described as:
A. Land reform B. The brain drain C. In-kind investment D. A capital-using technological advance
Refer to the information provided in Table 22.3 below to answer the question(s) that follow. Table 22.3 PointAggregate Income (Y)Aggregate Consumption (C) A 15 19 B 30 23 C 45 27 D 60 31 E 75 35 F 90 39The data in the table was used to estimate the following consumption function: C = 20 + 0.2YRefer to Table 22.3. Which of the following points is (are) the best fit for the given consumption function?
A. A B. A, B, C and D C. D and F D. E