Refer to the table below. Corey's opportunity cost of delivering of a pizza is making: Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. 2 pizzas.
B. 12 pizzas.
C. 1/2 of a pizza.
D. 6 pizzas.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. If the consumer chooses not to purchase potatoes, then the marginal value of potatoes must be less than or equal to the relative price of potatoes. 2. The steeper the indifference curve, the greater the marginal value of a good. 3. If a person is willing to trade one good for another, their new basket after the trade must lie on a lower indifference curve than their original basket. 4. Along a convex indifference curve, the marginal value of a good rises as the quantity of the good rises. 5. When using the composite good convention all other goods are measured in terms of dollars.
Countries without well-developed financial systems are able to sustain high levels of economic growth
Indicate whether the statement is true or false
Given the assumptions of the classical model
A) the economy will often experience recessions and expansions. B) expansion will be the normal condition, but recessions will often be severe and require government intervention. C) the macroeconomy is erratic, and problems will often be increased over time. D) the market is a self-correcting mechanism.
If the MPC = 0.75 and a household obtains $50,000 more dollars then how much would the household spend of the additional $50,000?
A. $50,000 B. $12,500 C. $37,500 D. $40,000