Melanie decided to sleep in today rather than attend her 9 a.m. economics class. According to economic analysis, her choice was
a. irrational, because economic analysis suggests you should always attend classes that you have already paid for.
b. irrational, because oversleeping is not in Melanie's self-interest.
c. rational if Melanie has not missed any other classes.
d. rational if Melanie values sleep more highly than the benefit she expects to receive from attending the class.
D
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An intermediate good is
A) always counted when measuring GDP because it doesn't represent time spent in production of a final good or service. B) a good whose value is of neither a high grade nor a low grade. C) a good that is sold to the government and then redistributed to the poor. D) any good that is resold by its purchaser rather than used as is.
Alma recently purchased a Mexican restaurant for $450,000 from which she expects to earn a monthly profit of $1,500. Her expected annual rate of return is:
A. 4 percent B. 6 percent C. 8 percent D. 10 percent