Lec 3 Questions - One half of a waxed car 3 Many...

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Econ 101 Class 3 Questions 1. On Saturday morning, you have decided to wash, wax, and detail your car. The improvements to your car’s appearance are worth $50 to you. You have decided to do the work yourself because the next best use of your time is working a morning shift at your job for $30. Now a friend suggests a fun outing that will take all morning. Your opportunity cost for that outing is… A. $0 B. $20 C. $30 D. $50** 2. In one eight hour work day, Sam can wax 4 cars or wash 12 cars. Ari can wax 3 cars or wash 6 cars. Which of the following is true? Sam’s cost of washing one car is … A. Greater than Ari’s Cost of washing a car. B. One third of a waxed car. ** C. Three waxed cars. D.
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Unformatted text preview: One half of a waxed car. 3. Many corporations provide their CEOs with a personal assistant who accomplishes both business and personal tasks. Which of the following is closest to your view? Shareholders should… A. Oppose the practice because it lowers firm profits and shareholder dividends. B. Oppose the practice but acknowledge that CEOs expect to have a personal assistant. C. Approve the practice because it amounts to tax free compensation for the CEO. D. Approve the practice because it frees the CEO to perform more important tasks. 4. Which survivor should be the first assigned to pick berries? Jean Joe Jerry Jack Fish (lbs) 4 3 2 1 Berries (lbs) 1 2 3 4 A. Jean B. Joe C. Jerry D. Jack **...
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