In dollar terms the most important of all forms of property and casualty insurance is
A) automobile liability insurance.
B) home owners insurance.
C) medical malpractice insurance.
D) fire insurance.
A
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If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false
If price is $5, marginal cost is $5, average total cost is $3, and the quantity produced is 150 units, then the perfectly competitive firm is
A) not maximizing economic profit. B) earning $2 in economic profits and is maximizing economic profits. C) earning $150 in economic profits and is not maximizing economic profits. D) earning $300 in economic profits and is maximizing economic profits.
A price floor:
A. establishes a maximum price. B. establishes a minimum price. C. establishes a maximum quantity. D. establishes a minimum quantity.
If the CPI was 101.7 in 2006 and 101.5 in 2007, it can be concluded that
a. 2001 was the base year b. all goods were more expensive in 2007 than in 2006 c. all goods were less expensive in 2007 than in 2006 d. all goods were less expensive in 2006 than in 2007 e. the price level fell from 2006 to 2007