If pizza is measured on the horizontal axis and pretzels are measured on the vertical axis, the slope of the production possibility frontier at a given combination reflects
A) the total cost of producing that combination.
B) the total cost of producing that quantity of pizza in terms of pretzels.
C) the cost of making the last pizza in terms of pretzels.
D) the cost of making the last pretzel in terms of pizza.
C
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If gasoline prices rise by 20% and quantity demanded falls by 5%., then the price elasticity of demand is:
A) .05. B) .15. C) .20. D) .25. E) .40.
The table above shows Tom's total utility from milkshakes and sodas. A milkshake costs $2.00. What is the marginal utility per dollar spent when the eighth milkshake is purchased?
A) 32 units per dollar B) 20 units per dollar C) 16 units per dollar D) 10 units per dollar
In the Classical view, inflation is the result of
A) excessive monetary growth. B) speculation. C) government spending. D) natural disasters.
When the government imposes a barrier to entry in a market,
a. more resources will be wasted by firms attempting to secure and maintain market power. b. the options available to consumers will increase in the protected market. c. allocative efficiency will be improved by the reduction of wasteful competition. d. consumers will be better able to direct the smaller number of producers to serve their interests.