Sue is maximizing her utility. Her MUx/Px = 10 and MUy = 40. Then the price of Y must be
A. $1.
B. $4.
C. $10.
D. $40.
Answer: B
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The United States possesses a large amount of human capital. As a result of this fact, in the United States there is a
A) large amount of machinery and equipment. B) large number of people and a great deal of land. C) highly skilled and educated labor force. D) large number of kind and generous humans. E) large amount of machinery (capital) that is run by people (humans).
With regard to the Constitution and its interpretation,
(a) the powers reserved for the states included the police powers—local rules, laws and ordinances, including licensing, inspection and the regulation of local business activities. (b) the "common law of England" was in effect, claimed as the right of all Americans and still enforced by England. (c) England was consulted in cases of ambiguity over interpretation of the common law policy. (d) none of the above are true.
The percentage change in quantity demanded of good A divided by the percentage change in price of good B is the formula for
a. cross-price elasticity of demand. b. income elasticity of demand. c. zero elasticity of demand. d. infinite elasticity of demand.
Which of the following countries has the most equal income distribution?
A. Sweden B. Japan C. United States D. The Netherlands