2. Pete receives $50 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $50. Finally he decides on Option B. The opportunity cost of this decision is (Points : 1)…
in the given factual context. You also need to make a logical conclusion for each expense.…
1) To finance the American Revolution, the first paper notes were produced, known as Continentals. A…
Given a product price, as well as fixed and variable costs at different production levels, be able to determine whether the firm earns an economic profit, breaks even, or incurs an economic loss at the best possible production level. Also be able to determine how much the profit or loss will be (similar to a question you had on Quiz 1).…
In the episode of How I Met Your Mother, Robin is currently unemployed and she is looking for a job because she might be deported back to Canada. She experiences two types of unemployment - frictional and structural. She is structurally unemployed due to her desperation to get a job. Because of getting turned down repeatedly, she went to the agency where they hire lottery girls, hoping that she'll get a shot. However, we see that she is not fit for the job because it is totally different from the job that she is used to and she does not have the skill or the "sass" to be a lottery girl.…
increases the amount of consumer surplus that is lost to the buyers and not gained by…
Which of the following is not one of the four primary public policy objectives furthered by laws and regulations applicable to U.S. business?…
A.P. Economics - Test #6 Review Name: __________________________ Date: _____________ ___ 1. A monopolistically competitive firm has a downward-sloping demand curve for its product, primarily because: A) there exist no barriers to entry or exit in the long run. B) there are many sellers in the industry. C) the firm sells a product distinct from products sold by competing firms. D) the price is greater than the marginal revenue. ___ 2. Which of the following is most likely to be observed when firms engage mainly in non-price competition? A) actively encouraging the sale of generic, as opposed to brand-name, products B) advertising and product differentiation C) discounts offered through coupons D) low interest rates for financing the purchase…
Lorenz Curve= a graph of the actual cumulative distribution of income compared to a perfectly equal cumulative distribution of income…
Social Security was established in 1935 and has been the largest social welfare program in the United States since. Its intended outcomes and funding comes from mandatory insurance system that levies a tax on payrolls and matched funds with the contributions of employers that are kept in a trust fund that pays retirement pensions based on prior earnings in the labor market. The targeted population is for workers that have reached the age of 66 or born after 1942. They receive a pension through the social security program, but also through private supplemental savings and pensions (Jillian Jimenez, 2012).…
What exactly is Social Security? Social Security was a program that was created by the federal government that was supported by nearly every working person in America. The Social Security Act was signed in 1935 by President Franklin D. Roosevelt, which was to provide retirement, survivors, and disability benefits to workers and their families, and to assume some of the health care costs borne by the elderly and the long term disabled. According to Epstein (2010), “President Roosevelt wanted to be sure that this country would never again face a crisis so disastrous to so many lives” (p. 4).…
In May 4, 1886 the Haymarket riot in the police clashed violent whit militant anarchists and labor movement protesters in Chicago. The strong public and state reaction against the Haymarket protesters has been palled the first red scare in U.S history.…
2. What economic question is being answered if an industry replaces some workers with machines?…
10. People’s degree of risk aversion depends to some extent on their income and savings. True…
Income and financial resources such as Social Security is a major source of income for the elderly. The Social Security Act was passed in 1935, all but a few modern nations had long since established some form of nationa social insurance” (Mark & Stein).…