Making bread at home would be more efficient than making it in commercial bakeries
A) for people who place a sufficiently high value on home baked bread.
B) if the ingredients used to make bread increased sufficiently in price.
C) if the price of bread made in commercial bakeries did not reflect the efficiency of bakeries.
D) if there were no labor costs in home baked bread.
A
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In the United States today, the U.S. dollar is backed by
A) silver. B) U.S. Treasury securities. C) gold. D) none of the above
Your school decides to increase the intake of new students next year
To make its decision, what economic concepts would it have considered? Would the school have used the "economic way of thinking" in reaching its decision? Would the school have made its decision on the margin?
The growth rate of real GDP per capita is best captured by subtracting the percentage changes in:
A. both prices and population from the nominal GDP growth rate. B. population from the nominal GDP growth rate, while dividing it by the inflation rate in order to hold prices constant. C. prices from the nominal GDP growth rate and not the population growth. D. population from the nominal GDP growth rate and not the percentage changes in prices.
A restaurant offers an "all you can eat" meal for $9 . Tyrone has eaten three servings and is trying to decide whether or not to go back for a fourth. The economic way of thinking suggests that Tyrone should go back for the fourth serving if and only if
a. his marginal benefit of the additional serving is greater than zero. b. his marginal benefit of the additional serving is at least $3. c. his marginal benefit of the additional serving is $9 or more. d. his total value from the meal exceeds $9.