________: defined by the income available for consumption and the prices that a consumer faces
Fill in the blank(s) with correct word
Budget constraint
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Which of the following is consistent with classical growth theory?
A) Real GDP per person will increase because technological change induces investment. B) Real GDP per person will never permanently increase. C) Competition destroys innovation and decreases profit. D) As real GDP increases, there will be a decrease in the rate of population growth.
Shaniq has seen two movies this week and two baseball games. Her marginal utility of one more movie is 20 and her marginal utility of one more baseball game is 30. Shaniq will go to a baseball game tonight, rather than to another movie
A) no matter how much more the baseball game costs compared to the movie. B) if the baseball game costs $10.00 and the movie costs $7.00. C) if the baseball game costs $10.00 and the movie costs $5.00. D) Both answers B and C are correct.
Refer to Table 2-10. What is Fred's opportunity cost of making a pogo stick?
A) 6/7 of a pogo stick B) 1/2 of a unicycle C) 1/3 of a unicycle D) 3 unicycles
When it's not clear how to translate available information into something personally meaningful, it's:
A. more likely you'll make a mistake in your choice. B. less likely you'll make a mistake, given the amount of information. C. more likely you'll invest more time in making your choice. D. less likely the choice will have a big impact on you.