Refer to the information provided in Figure 6.10 below to answer the question(s) that follow.
Figure 6.10Refer to Figure 6.10. The current price of a turkey sandwich is $6. If Kyle is currently buying nine turkey sandwiches a week, he ________ maximizing utility because the marginal utility ________ than its price.
A. is; from the ninth sandwich is less
B. is not; gained from the ninth sandwich is greater
C. is not; gained from the ninth sandwich is less
D. is; from the ninth sandwich is greater
Answer: C
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According to this Application, China's growth rate was faster than India's during this 26 year period because
A) China received more contributions from human capital than India received. B) China's growth was based more on human capital and India's growth was based more on physical capital. C) China's growth was based more on human capital and India's growth was based more on technological progress. D) China invested more in physical capital than India invested.
An economy produces outputs X and Y using inputs L and K. Which of the following is NOT required for economic efficiency?
A) MRTSLK = MRSXY for all producers and consumers. B) MRTXY = MRSXY for all producers and consumers. C) MRSXY is equal for all consumers. D) MRTSLK is equal for all producers. E) None of the above. All of these are required for economic efficiency.
Which of the following statements is true for both Microsoft and a locally owned restaurant?
A. Both confront perfectly elastic demand for their products. B. Both are perfect competitors. C. Neither firm is able to influence the price of their products. D. Both seek to maximize profits.
YearCPI2010952011100201210520131042014106According to the table shown, what can be said about the cost of living in 2010?
A. People experienced a decrease in the cost of living because the CPI is less than 100. B. It was lower than in the base year. C. People experienced an increase in the cost of living because the CPI isn't over 100. D. There must have been a recession because the CPI is less than 100.