If a consumer prefers Apples to Bananas and prefers Bananas to Citrus Fruit, in order to satisfy assumptions about preferences she has to prefer
A) Bananas to Apples.
B) Citrus Fruit to Bananas.
C) Apples to Citrus Fruit.
D) Citrus Fruit to Apples.
C
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The quantity of items circulating in the economy that can be used as money is called
A) representative commodity money. B) the money supply. C) commodity money. D) fiat money.
How can we determine separately the cost of producing ham hocks from the cost of producing bacon?
A) By separately estimating the labor time it takes to butcher the hocks and the bacon B) By separately calculating the weight of the hocks and the bacon as percentages of total useable meat C) By consulting the average industry costs of ham hocks and bacon D) There is no way to determine the specific costs of joint products.
Those who are interested in assessing the relative standard of living of different countries over a given time period are most likely to look at
A. GDP. B. Percentage change in GDP. C. Per capita GDP. D. Population.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30