The above table gives the total utility that Homer obtains from consuming various quantities of chocolate chip cookies. The marginal utility from the fifth pound of cookies is
A) 1.
B) 2.
C) 3.
D) 15.
A
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The real core of the economic problem is to: a. increase the amount of leisure time available to people
b. guarantee everyone on the planet a minimum level of food, shelter and clean water. c. allocate limited resources among competing uses. d. eliminate scarcity.
Suppose that Emily opens a restaurant. She receives a loan from a bank for $200,000 . She withdraws $100,000 from her personal savings account. The interest rate on the loan is 6%, and the interest rate on her savings account is 2%. Emily's annual explicit cost of capital is
a. $2,000. b. $4,000. c. $12,000. d. $14,000.
As marginal physical product diminishes, marginal revenue product
A. Rises at a diminishing rate and eventually falls. B. Also diminishes. C. Rises. D. Is not affected.
Export-led growth policy involves:
A. encouraging private investment in industries that currently export goods, rather than those expanding domestically. B. favoring industries that export goods over those that only produce domestically consumed goods through high tariffs. C. discouraging imports with high tariffs. D. investing heavily in industry through tax breaks and export subsidies with the aim of selling goods around the world.