Among the people who are characterized below, who has the highest opportunity cost of leisure?
a. a veterinarian who earns $25 per hour and who goes surfing during her leisure time
b. a professional tennis player who earns $50 per hour giving tennis lessons and who watches TV during his leisure time
c. a retail clerk who earns $15 per hour and who plays computer games during his leisure time
d. a CPA who earns $150 per hour and who golfs during her leisure time
d
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The above figure shows the U.S. market for 1 carat diamonds. With free trade, U.S. production of diamonds is equal to ________ diamonds. When the quota illustrated in the figure is in place, U.S. production is equal to ________ diamonds
A) 300,000; 100,000 B) 100,000; 500,000 C) 300,000; 500,000 D) 100,000; 300,000 E) 900,000; 700,000
To enforce the optimum level of emissions a government could set an emissions standard at the quantity
A) where the MSB curve crosses the MCA curve. B) located at the vertical intercept of the MSB curve. C) located at the horizontal intercept of the MSB curve. D) located at the vertical intercept of the MCA curve. E) located at the horizontal intercept of the MCA curve.