When Most Economists Wake Up in the Morning,their First Decision

question 66

Multiple Choice

When most economists wake up in the morning,their first decision is whether to hit the snooze bar on the alarm clock.What statement best represents their thought process as rational decision makers?

• A) Sal had a really late night grading exams,and he deserves 10 more minutes of sleep.
• B) The total amount of work Sal has to do today is rather small,so the total benefit to going to work for a full eight hours is also small.
• C) The total amount of work Sal has to do today is rather small,so the marginal cost of going to work 10 minutes late is small.
• D) The total amount of work Sal has to do today is rather small,so the marginal benefit of sleeping 10 more minutes is rather large.
• E) The marginal benefit of sleeping 10 more minutes is greater than the marginal benefit of 10 more minutes of work.

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Definitions:

Dispute Resolution

The process of resolving disputes between parties through negotiation, mediation, arbitration, or legal actions.

Jurisdictional Dispute

A disagreement over which legal authority or court has the right to hear and decide a case.

Unfair Labour Practice

Actions by employers or unions that violate employees' rights or the laws governing labor relations.

Threatens

Communicating an intention to cause harm or disadvantage to someone in order to compel action or inaction.