During World War II, the U.S. government increased spending:
A. by less than it raised taxes.
B. by more than it raised taxes.
C. by the same amount as it raised taxes.
D. but did not increase taxes.
Answer: B
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Fixed costs are best defined as: a. costs that do not vary with output
b. costs that vary with output. c. the sum of all marginal costs. d. the change in total cost when one more unit of output is produced.
Suppose a consumer's utility function is U(F0, F1) = F00.6F10.4, where F0 represents food consumed this year and F1 represents food consumed next year. For that utility function, the marginal utility of food consumed this year is 0.6 × (F1/F0)0.4 and the marginal utility of food consumed next year is 0.4 × (F0/F1)0.6. Which of the following expressions gives the consumer's marginal rate of substitution for food this year with food next year (MRS01)?
A. MRS01 = F1/F0 B. MRS01 = (2/3) × (F0/F1) C. MRS01 = (2/3) × (F1/F0) D. MRS01 = (3/2) × (F1/F0)
voluntary trade
What will be an ideal response?
If Jen takes out a $2,000 loan for one year at 10 percent interest annually, the price she will pay for borrowing is:
A. $200. B. $2,000. C. $2,400. D. $2,200.