In order for a consumer to choose between two different goods, he has to take into consideration the
A) marginal utility of production.
B) marginal utility divided by the price.
C) marginal utility plus the price.
D) total utility divided by price.
Answer: B
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Each of the following would decrease the supply of U.S. dollars, shifting the supply curve for dollars to the left, except:
A. a decrease in U.S. real GDP. B. a depreciation of the U.S. dollar relative to other currencies. C. a decrease in the real interest rate on foreign assets. D. a decreased preference for foreign-made goods.
If an industrial union would strike if it does not receive a particular wage rate, then the supply curve of labor in this market
a. is horizontal at that particular wage rate until it intersects the original supply of labor curve b. is vertical at that particular wage rate until it intersects the original supply of labor curve c. shifts to the left d. disappears e. slopes downward
The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each. Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 When the pizzeria makes 50 pizzas a day, its average variable cost is ________.
A. $20 B. $10 C. $5 D. $15
What can objectively be determined by looking at the current federal tax rates?
a. They are fair. b. They are unfair. c. They are regressive. d. They are progressive.