Refer to Table 1-5. Using marginal analysis, how many hours should Julius extend his shop's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
A
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Someone who knows nothing about the relative quality of a $2 toothbrush and a $7 toothbrush, both available for sale, but chooses to buy the more expensive one, is probably
A) displaying an inelastic demand for toothbrushes. B) judging quality by price. C) violating the law of demand. D) wealthy enough not to care about prices.
Which of the following would be directly counted in GDP in 2016?
A) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a farm house built in 1950 B) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a brand new country-style home C) kitchen cabinets purchased from Home Depot in 2016 to be installed in a house built in 1997 D) none of the above