If a life can be saved for $250 using Method A and $260 using Method B,
a. it would be efficient to shift resources from A to B
b. it would be efficient to shift resources from B to A
c. both methods should be pursued to the maximum extent possible
d. neither method should be used if methods with higher dollar values are available
e. both methods are on the economy's production possibilities frontier
B
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In the market for a particular pair of shoes, Jena is willing to pay $75 for a pair while Jane is willing to pay $85 for a pair. The actual price that each has to pay for a pair of shoes is $65. What is the combined amount of consumer surplus for Jena and Jane?
A. $215. B. $130. C. $10. D. $30.
Suppose the Fed buys $1 billion worth of bonds and the required reserve ratio is 10%. In the theoretical limit, the money supply could
A) decrease by $1 billion. B) increase by $1 billion. C) decrease by $10 billion. D) increase by $10 billion.
Larry spends all his $800 monthly income on pizza and gasoline. The price of pizza is $4 a slice, and the price of gasoline is $2 per gallon
If Larry buys 150 slices of pizza per month, his budget constraint will allow him to buy ________ gallons of gas per month. A) 100 B) 80 C) 120 D) 200
Comment on the following statement: "I decided to buy a car from a dealer in a town 100 miles away because he was offering a price that was $100 lower than the dealer in my hometown. Therefore, I saved $100"
What will be an ideal response?