Refer to the data provided in Table 17.1 below to answer the following question(s). The table shows the relationship between income and utility for Jane.Table 17.1 IncomeTotal Utility $00$20,00025$40,00045$60,00060$80,00070Refer to Table 17.1. Suppose Jane has a 1/3 chance of becoming disabled in any given year. If she does become disabled, she will earn $0. If Jane does not become disabled, she will earn her usual salary of $60,000. Jane has the opportunity to purchase disability insurance which will pay her her full salary in the event she becomes disabled. How much would such an insurance policy be worth to Jane?
A. $0
B. $20,000 or less
C. more than $20,000 but less than $40,000
D. $40,000 or more
Answer: C
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
If Quick Buck and Pushy Sales decide to collude and work together as a monopolist, then together they should produce ________ units per month and charge ________ per unit.
A. 4,000; $2 B. 3,000; $1 C. 1,000; $3 D. 2,000; $2
Explain what it means to say that a theory is falsifiable or refutable? Give a specific example to help support your answer
Economist's can justify supporting education through taxation on which of the following grounds?
A) Education generates spillover benefits.
B) Low-income people could not otherwise afford education.
C) Most economists are educators.
D) Free education extends equal opportunity to all.
E) Public education is more efficient than allowing education to be provided by the market.
Answer the following statements true (T) or false (F)
1. The budget line shows the various incomes that an individual can earn from different jobs. 2. The fundamental economic problem faced by a society is that productive resources are so varied and versatile, that it is hard to decide what to do with them. 3. The resource category called "land" includes forests, animals, and water resources. 4. When economists talk about the capital resources in the economy, they are referring to the amount of money circulating in the economy.