23 SLow growth in US incomes during the 1970s and 1980s was primarily due to: A

Question

23 SLow growth in US incomes during the 1970s and 1980s was primarily due to:

A - slow productivity growth in the US

B - increased competition from Japan

C - increased competition from European countries

D - a rapid decrease in the quantity of money in the economy

24 You go to the moviewplex where movies ordinarily cost $10. You are intending to see a movie for which you ohave a $3 off coupon good for only that movie at that time. However when you get there you see a friend who asks if you would rather see a new release. Both movies start and end at the same time. If you decide to see the new release with your friend what is your opportunity cost?

A - the amonut you value the first movie + $3

B - the amount you value the first movie + $10

C - $3

D - $10

25 THe average cost per seat on the 75 passenger Get There Safe Bus Companys trip from Milwaukee to Minneapolis on which no refreshments are served is $37. In advance or a particular trup threeseats remain unsold. The bus company could uncrease its profits only if it

A - charged any ticket price above $0 for the 3 remaining seats.

B - charged at least $18.50 for each of the 3 remaining seats.

C - charged at leaset $37 for each of the 3 remaining seats.

D - paid 3 peaople to occupy the 3 remaining seats.

26 WHen society requires that firms reduce pollution there is

A - a tradeoff becuase of reduced incomes to the firms owners and workers.

B - a tradeoff only if some firms are forced to close.

C - no tradeoff since the cost of reducing poillution falls only on the firms affected by the requirments.

D - no tradeoff since everyone benefits form reduced pollution.

Explanation / Answer

23) A - slow productivity growth in the US

There was slower productivity growth in the US during this period.

24) C

-3 Oppurtunity cost is nothing but the amount of money you would loose by choosing other option.

25) C - charged at leaset $37 for each of the 3 remaining seats.

Because if you want to maximise profit you must sell these 3 seats

26) A

There is a tradeoff beacuse firms owners will loose some income and because of this economy can get affected.

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