Goldin, Katz, and Bailey:
A. were politicians who fought for decades for the legalization of birth control.
B. were the scientists who invented oral birth control in the early part of the twentieth century.
C. are economists who have shown that the pill increased female labor force participation.
D. were physicians who advocated against the creation and use of oral birth control and lobbied for its prohibition.
Ans: C. are economists who have shown that the pill increased female labor force participation.
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If the economy is currently experiencing a high unemployment rate, the greatest cost is
a. extra government spending b. rewarding those who do not work but collect government benefits c. lost output d. the cost of job searching e. the extra cost of funding job fairs
Suppose an individual knows that the marginal utility he receives from the next apple is 5 and that the price of an apple is $2 . He also knows that the marginal utility he receives from the next orange is 3 and the price of an orange is $1 . If the individual is choosing optimally, the next good he will buy is a. an orange because the marginal utility per dollar spent on an orange is
greater. b. an orange because the marginal utility of the orange is greater. c. an apple because the marginal utility per dollar spent on an apple is greater. d. an apple because the marginal utility of the apple is greater.