On Thanksgiving, Jake's mother gives him a huge platter of food. If Jake were to keep eating just to please his mother (even when he really wanted to stop), his marginal utility would be:
a. the same as his total utility.
b. large.
c. minus one.
d. positive.
e. negative.
e
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If the government raises the tax on cigarettes, what is the effect on people's incentives and choices?
What will be an ideal response?
Refer to Scenario 1 . If you start the course in such a way that each exam score is worse than your previous average what should happen to your average score?
What would happen to your average if the next exam score was larger than your previous exam score? Explain.
How will an increase in the world price of crude oil influence the economy of an oil-importing country such as the United States?
a. Aggregate supply will decrease, leading to a decrease in real GDP. b. Aggregate supply will increase, leading to an increase in real GDP. c. Aggregate supply will increase, leading to an increase in prices and smaller GDP. d. A change in the price of an imported good will not affect the domestic economy of an oil-importing country.
A legal system that protects private property and enforces contracts in an even-handed manner helps promote economic growth because it
a. makes it possible for individuals to generate large incomes and get ahead without cooperating with others. b. provides people with a strong incentive to supply others with things that they value at an economical price. c. encourages people to use resources now rather than conserving them for the future. d. keeps the real wages of workers low and thereby makes it possible for business firms to supply goods and services economically.