Given the data in the above table, income of $13, a price of $1 for a bottle of water and $2.00 for a hamburger, what is the marginal utility per dollar spent on the fifth hamburger?
A) 10 units of utility
B) 8 units of utility
C) 6 units of utility
D) 4 units of utility
D
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If a job requires two activities and there are two workers who can perform those activities, then which of the following statements regarding absolute advantage must be false?
a. One worker can have an absolute advantage in both activities. b. One worker may not have an absolute advantage in neither activity. c. Neither worker can have an absolute advantage in either activity. d. Both workers can have an absolute advantage in both activities.
Typically, the higher the level of income per person in a country, the higher the level of spending per person on health care. This relationship between income and spending indicates that health care is a
A) inferior good. B) necessity. C) normal good. D) luxury.
The unbalanced development strategy relies on
a. the government broadening its time horizon b. economic dualism, that is, government and the private sector c. the balancing effect of foreign aid and investment d. investments creating new supply capacities, which create new demands, which stimulates investments in new supply capacities e. incentives created by income disparity
In Monetarist theory, the role of the government should be to:
a. Control prices. b. Seek to raise productivity by setting up and enforcing fair rules of behavior, encouraging competitive markets, imposing reasonable taxes, and creating stable and predictable political environments. c. Do everything in its power to promote exports. d. All of the above. e. None of the above.