The following table lists the utility that Gwen receives from consuming bananas at $0.25 apiece. What is the total utility of consuming three bananas?Number of bananasTotal utility00110222332440546
A. 46
B. 30
C. 2
D. 8
Answer: B
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An increase in the value of a domestic currency in terms of other currencies is known as
A) an appreciation. B) a depreciation. C) a flexible exchange rate. D) a term not given in the above answers.
An organization of producers that limits the amount of a good produced is known as a
A) free market organization. B) collective. C) guild. D) co-op.
Dunston Military Academy has an annual deficit of $250,000 . Its 1,000 students pay tuition of $10,000 each per year. The economics faculty has recommended solving the problem by recruiting additional athletes with $5,000 scholarships. Each additional athlete will cost the school $2,500 (equipment, etc.). Assuming the academy agrees, how many athletes are needed to eliminate the deficit?
a. Zero, the deficit cannot be eliminated by giving more scholarships. b. 25 c. 50 d. 100
The way that a society allocates resources to satisfy human wants is called
A. an assumption. B. ceteris paribus. C. realism. D. an economic system.