If a consumer receives 22 units of marginal utility for consuming the first can of soda, 20 units from consuming the second, and 15 from the third, the total utility of consuming the three units is
A) 57 utility units.
B) 35 utility units.
C) 15 utility units.
D) unknown as more information is needed to determine the answer.
A
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Which of the following statements about the importance of trade to the U.S. economy is false?
A) The U.S. economy is highly dependent on international trade for growth in its gross domestic product. B) Overall, about 20 percent of U.S. manufacturing jobs depend directly or indirectly on exports. C) The United States is the second largest exporter in the world. D) Since 1970, both exports and imports have steadily increased as a fraction of U.S. gross domestic product.
Which of the following is false? a. Markets can make products better
b. Markets can make products cheaper. c. Markets can create new products. d. Markets only result in producing those goods and services that are socially desirable.
Suppose that the percentage change in demand is 20%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 4%. What is the price elasticity of demand?
A. 0 B. 1 C. 2 D. 3
According to the above table, the marginal factor cost of the fifth worker is
A. $45.00. B. $30.00. C. $90.00. D. $60.00.