Ethan washes and irons his own shirts. Sophia, his boss, sends her clothes to a laundry. Which is the most plausible economic explanation for this difference?
a. Ethan must enjoy ironing more than Sophia does.
b. Ethan must be better at ironing than Sophia is.
c. The opportunity cost of ironing is greater for Ethan.
d. Sophia has a higher opportunity cost of laundering her clothes than Ethan does.
D
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Five people want to have a lighted garden built at the entrance to their neighborhood. The difficulties they experience in getting one another to commit to paying for the garden are best described as
A) property rights. B) transactions costs. C) negative externalities. D) rivalry.
With free trade between China and the United States, the winners are ___________ and the losers are _______
A. U.S. consumers of U.S. imports; U.S. producers of the U.S. import good B. China's consumers of China's imports; China's producers of its export good C. U.S. producers of the U.S. export good; U.S. consumers of U.S. imports D. China's consumers of China's export good; China's producers of its imported good