Every market exchange is a Pareto superior move
a. True b. False
b
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What does it mean to say that an individual's preferences are transitive?
What will be an ideal response?
You earn $500 a month, currently have $200 in currency, $100 in your checking account, $2,000 in your savings accounts, $3,000 worth of illiquid assets and $1,000 of debt. You have
A) money = $300, annual income = $6,000, and wealth = $5,000. B) money = $2,300, annual income = $6,000, and wealth = $5,000. C) money = $300, annual income = $6,000, and wealth = $4,300. D) money = $200, annual income = $500, and wealth = $4,300.
Which of the following is true about where a profit-maximizing monopoly will produce on a linear demand curve when it has positive marginal costs?
A. It will produce output where MR < 0. B. It will produce output where MR = 0. C. It will produce output on the elastic portion of the demand curve. D. It will produce output on the inelastic portion of the demand curve.
If Josylnn can make $70,000 as an accountant, $50,000 as a school teacher, $20,000 as a cook, and nothing as an opera singer, she has a comparative advantage in
A. opera singing. B. being a cook. C. being a school teacher. D. accounting.