John is currently spending all of his income. For the last unit of Good X consumed John gets 20 utils and for the last unit of Good Y consumed he gets 10 utils. The price of Good X is $2. The price of Good Y is $5. If John wants to maximize his utility
he should
A) continue to purchase the same amount of Good X and Good Y.
B) increase the consumption of Good X and decrease the consumption of Good Y.
C) decrease the consumption of Good X and increase the consumption of Good Y.
D) decrease the consumption of Good X and decrease the consumption of Good Y.
Answer: B
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Refer to Figure 28-9. A follower of the new classical macroeconomics would argue that ________ like that pursued by Paul Volcker in 1979, would result in a movement from C to A
A) expansionary fiscal policy B) contractionary monetary policy C) contractionary fiscal policy D) expansionary monetary policy
Big Pools is large swimming complex. Suppose adults have a demand for entrance into Big Pools that is less than half of the teenagers demand for entrance and there are an equal number of adults and teenagers. If Big Pools practices two-part pricing, to earn greater profit, Big Pools ________ adjust the membership fee to include ________.
A) should not; adults B) should; adults C) should not; teenagers D) should; all consumers
The economy of North Korea would best be classified as:
a. A laissez-faire economy b. A command system c. A market system d. A capitalist economy
Describe the three-step shift known as the demographic transition
What will be an ideal response?