Refer to the information provided in Figure 6.3 below to answer the question(s) that follow.
Figure 6.3Refer to Figure 6.3. Molly's budget constraint is AC. Molly can purchase
A. all of the points along AB.
B. all of the points along BD.
C. none of the points along AD.
D. none of the points along AC.
Answer: A
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The table above shows the labor demand and labor supply schedules for a nation. The equilibrium real wage rate is ________ and the equilibrium quantity of labor is ________ billions of hours per year
A) $25; 260 B) $20; 280 C) $20; 260 D) $15; 260 E) $40; 320
In a repeated prisoner's dilemma situation, cooperation can be achieved _____
a. if player A cooperates as long as player B cooperates b. if player A continually defects on player B c. if player A cooperates regardless of what player B does d. never
Julia is offered two options of government subsidies: $100 food stamp or $100 cash. If she receives $100 cash, she will spend $80 on food
If equivalent evaluation is measured for the situation when only $100 is available to her, the equivalent evaluation is A) greater than $100. B) equal to $100. C) less than $100. D) Not enough information.
The following table indicates Sharona's marginal utilities from the additional consumption of goods A and B. The first and third columns of the table show the quantities of goods A and B consumed. The second and the fourth columns show Sharona's marginal utilities from each additional unit of goods A and B consumed. The price of A is $2 per unit and the price of B is $4 per unit. If Sharona's budget is $12, then which of the following combinations would maximize her total utility? QA MUA QB MUB 1 24 1 48 2 22. 2 44 3 18. 3. 36 4. 12. 4. 24
a. ?1 unit of A; 4 units of B b. ?4 units of each good c. ?4 units of A; 1 unit of B d. ?2 units of each good e. ?0 units of A; 3 units of B