Taylor's marginal utility from watching movies and from eating out (in utils) is shown in the accompanying table. Taylor spends exactly $100 every month on these two forms of entertainment; the price of each movie is $10 and the price of each dinner is $20.MoviesPer MonthMarginal UtilityPer MovieDinners OutPer MonthMarginal UtilityPer Dinner160115025021403203120454100 If Taylor eats out 3 times a month, Taylor will watch ________ movies, and have marginal utility per dollar of ________ from eating out and a marginal utility per dollar of ________ from going to the movies.
A. 3; 4; 4
B. 4; 6; 1/2
C. 3; 2; 6
D. 4; 6; 2
Answer: B
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The menu cost theory states that
A. prices depend only on the input costs. B. economic agents quickly learn the likely responses of the Fed to changes in unemployment. C. prices are not fully flexible because it is costly for firms to change prices every time there is a demand change. D. the economy is characterized by perfect competition.
Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. Which of the following is most likely to shift the production possibility frontier from ppf1 to ppf2?
A. the purchase of stocks on the New York Stock Exchange B. moving resources from capital to consumer goods C. an increase in the general educational level of the population D. a change in consumer tastes
Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. The opportunity cost of producing a bushel of alfalfa in the United States is
A. half a bushel of soybeans. B. 1 bushel of soybeans. C. 2 bushels of soybeans. D. 300 bushels of soybeans.
If demand and supply have the same elasticity, the seller will pay ________ of a tax.
Fill in the blank(s) with the appropriate word(s).