One of the largest categories of exports from the United States is now pop culture: movies, music, TV programming, and videos. A direct conclusion from this information is that, compared to other countries, the United States has
A) lower wages for producers of pop culture.
B) higher wages for producers of pop culture.
C) a higher opportunity cost of producing pop culture.
D) a lower opportunity cost of producing pop culture.
D
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A person has a basic choice between eating meals at home and eating meals in a restaurant. The cost of the food that is eaten at home is $10 per meal. The cost of a restaurant meal is $20. It takes two hours to eat a meal at home (including
preparation time and cleanup time). It takes one hour of time to eat a meal in a restaurant. The marginal utilities of the home meal and the restaurant meal are the same. The person values time at $12 per hour. What does the theory of consumer behavior suggest the rational consumer will decide to do: eat at home or in a restaurant? Please provide the best answer for the statement.
What happens when the interest rate on newly issued bonds increases?
a. The price of previously issued bonds with the lower rate decreases but still is higher than its face value. b. The price of previously issued bonds with the lower rate does not change as the face value has not changed. c. The price of previously issued bonds with the lower rate decreases to less than its face value. d. The price of previously issued bonds with the lower rate increases to more than its face value.