Robert is a doctor who earns an average hourly wage of 80. His wife is a teacher and earns an average hourly wage of 35. His daughter works in her college library and earns 12 per hour while his son is a lawyer and earns 60 per hour.
If one of them must stay back at the house on a working day to look after their ailing pet, who can do it at the lowest opportunity cost?
A) His son B) Robert C) His wife D) His daughter
Mike and John work as waiters in a restaurant. Mike can efficiently wait on 10 customers per hour while John can efficiently wait on 7 customers per hour. The restaurant also has a bar. If both of them work as bartenders, Mike is able to serve 9 customers per hour while John is able to serve 10 customers per hour.
Question 2
Which of the following increases the slope of the consumption function?
A) an increase in consumer wealth
B) a decrease in the value of consumer durables
C) an increase in consumer confidence
D) an increase in the marginal propensity to consume
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