The above figure shows Bobby's indifference map for juice and snacks. Also shown are three budget lines resulting from different prices for snacks. As the price of snacks rises, Bobby's utility
A) stays the same.
B) increases.
C) decreases.
D) might change, but there is not enough information to determine.
C
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The market for chewing gum is competitive with a current price of 50 cents per pack and a quantity of 100,000 packs per day. Which of the following events would lead to a new equilibrium price of 75 cents and a new equilibrium quantity of 125,000?
a. an increase in the price of other kinds of candy b. an increase in the price of the ingredients used to make chewing gum c. an agreement by workers in the chewing gum industry to work for lower wages d. a decrease in the number of young people in the population e. a decrease in income
Resources are costly because they have alternative uses
a. True b. False Indicate whether the statement is true or false
As country incomes rises, what would you generally expect to happen to the burden of noncommunicable diseases as a share of the total disease burden?
A) It should go up B) It should stay about the same C) There is no consistent relationship between the two D) as country incomes rise E) It should go down
If legally owning a business can spur growth, why don't all business owners legalize their businesses?
A. Business owners don't care about economic growth. B. Legally owning a business opens new avenues for obtaining loans. C. Excessive regulations often make running a legalized business more cumbersome. D. Legalizing a business has no impact on business practices, so why do it?