People view alcohol and marijuana as perfect substitutes. This means that
A) individuals will consume either alcohol or marijuana, but not both, regardless of price.
B) as the price of alcohol decreases, marijuana use decreases.
C) the marginal utility for alcohol and marijuana is constant.
D) Both B and C.
D
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Mahatma Gandhi exhorted his followers in India to promote economic welfare by decreasing imports. This approach
A) makes no sense. B) makes no economic sense. C) is consistent with the the Ricardian model of comparative advantage. D) is not consistent with the Ricardian model of comparative advantage. E) guarantees benefits for Indian workers.
If a person who weighs 100 lbs. is riding in an elevator and is joined by a person weighing 120 lbs., what happens to the average weight of persons on the elevator?
A. It falls. B. It rises. C. It stays the same.
Comparing how many dollars it takes you to run your car each year to annual earnings on a job instead of keeping track of costs in terms of gallons of gasoline and quarts of oil represents the use of money as a:
a. means of payment. b. unit of account. c. store of purchasing power. d. form of plastic money.
When you paint the outside of your house, you not only enjoy a private benefit for yourself, but you also provide a(n) __________________ benefit.
Fill in the blank(s) with the appropriate word(s).