If the marginal utility of Jordyn's 100th dollar of income is 40 utils and the marginal utility of Joshua's 10th dollar is 135 utils, we know
a. money means more to Jordyn than to Joshua
b. money means more to Joshua than to Jordyn
c. Jordyn has more income than Joshua
d. Joshua has more income than Jordyn
e. nothing, since we can't make interpersonal utility comparisons
E
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Data collected on the same observation unit at a number of points in time are called:
A) cross-section data. B) time series data. C) panel data. D) none of the above.
An inflationary gap occurs when
A) aggregate demand falls, but other things remain constant. B) short-run aggregate supply falls, but other things remain constant. C) the short-run equilibrium level of real GDP is greater than long-run aggregate supply. D) the short-run equilibrium level of real GDP is less than long-run aggregate supply.
A furniture factory has the latest equipment and a large, trained staff but few orders. Which of the following best explains why average total cost is high?
a. lumber costs b. electricity bills c. hourly wages d. plant underutilization
Suppose that in the economy of Boise, Amy earns an income of $50,000 a year and pays $10,000 in income taxes; Bailey earns an income of $25,000 a year and pays $8,000 in income taxes. Based on this information, we could say that Boise's tax system is
A) proportional. B) progressive. C) regressive. D) flat.