Creating policy with the goal of increasing economic growth would be considered:
A. to only help if directed toward poor areas.
B. to indirectly hurt efforts to eliminate poverty.
C. to indirectly help eliminate poverty.
D. None of these is true.
Answer: C
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Which of the following is an example of an adverse supply shock?
A) OPEC cuts oil production B) a large oil spill in the Gulf of Mexico C) a devastating hurricane off the Louisiana coast D) all of the above E) none of the above
Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
a. Diane's wage b. Sam's time c. Diane's tips d. Sam's tips e. both Diane's and Sam's tips