Refer to the information provided in Table 6.3 below to answer the question(s) that follow.
Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. The total utility of five beers per day is
A. 70.
B. 128.
C. 184.
D. indeterminate from this information.
Answer: B
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Private goods are those for which consumption is
A) rival and excludable. B) rival and nonexcludable. C) nonrival and excludable. D) nonrival and nonexcludable.
Which of the following statements best describes the relationship between GDP and standard of living?
a. GDP does not understate or overstate the standard of living. b. GDP may understate the standard of living. c. GDP may understate or overstate the standard of living. d. GDP may understate the standard of living.
The ease with which an asset can be converted into a medium of exchange is known as:
a. volatility. b. liquidity. c. currency. d. speculative exchange.
What are the three basic economic questions each society must answer?
A. What to produce: how to produce: for whom to produce B. How much to produce: what quality to produce: and what price to sell at C. What to produce; how to much to produce, how to consume D. How much goes to government: how much goes to consumers; how much is exported