The major trade group in South America involving Brazil, Paraguay, Uruguay, and Argentina is ________.
A) Mercosur
B) UNASUR
C) APEC
D) CAN
A) Mercosur
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A risk-averse individual prefers
A) the utility of expected income of a risky gamble to the expected utility of income of the same risky gamble. B) the expected utility of income of a risky gamble to the utility of expected income of the same risky gamble. C) outcomes with 50-50 odds to those with more divergent probabilities, no matter what the dollar outcomes. D) outcomes with higher probabilities assigned to more favorable outcomes, no matter what the outcomes are. E) outcomes with highly divergent probabilities so that one of the outcomes is almost certain.
Energy drinks and granola bars are normal goods. When the price of energy drinks decreases, the income effect causes
a. the consumer to feel richer, so the consumer buys more granola bars. b. the consumer to feel richer, so the consumer buys fewer granola bars. c. granola bars to be relatively more expensive, so the consumer buys more granola bars. d. granola bars to be relatively less expensive, so the consumer buys fewer granola bars.
About _____ out of every ten dollars in our money supply consists of currency.
Fill in the blank(s) with the appropriate word(s).
The consumer optimum is defined as
A) the set of goods and services that maximizes marginal utility for each good. B) the set of goods and services such that the marginal utility of each good equals zero. C) the set of goods and services that maximizes the marginal utility of each good consumed. D) the set of goods and services, subject to the limited income of the consumer, that maximizes the total utility of the consumer.