Tina's marginal utility of her first piece of cake is 15, while Jerry's marginal utility of his first piece of cake is 24 . An economist would conclude that
a. Tina likes cake more than Jerry likes cake
b. Jerry likes cake more than Tina likes cake
c. Tina likes cake less than Jerry likes cake
d. Jerry likes cake less than Tina likes cake
e. we can't judge who values cake more
E
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If Tom and Di specialize in producing the goods in which he and she have a comparative advantage and they exchange goods, then ________
A) each will produce a combination of goods that is within her/his production possibility frontier B) they will lose because they are no longer able to produce and consume both goods C) each will gain because each can consume a combination of goods that is outside her/his production possibility frontier D) one of them will gain and the other will lose
Feasible WLS does not rely on the following condition:
A) the conditional variance depends on a variable which does not have to appear in the regression function. B) estimating the conditional variance function. C) the key assumptions for OLS estimation have to apply when estimating the conditional variance function. D) the conditional variance depends on a variable which appears in the regression function.
Suppose that a firm's long-run average total costs of producing an individual income tax return is $75 when it produces 1,000 returns and $75 when it produces 1,200 returns. For this range of output, the firm is experiencing
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. specialization.
Productivity
a. is nearly the same across countries, and so provides no help explaining differences in the standard of living across countries. b. explains very little of the differences in the standard of living across countries. c. explains some, but not most of the differences in the standard of living across countries. d. explains most of the differences in the standard of living across countries.