An example of a public good is
A) national defense services.
B) a Ford truck.
C) a loaf of bread.
D) a home computer.
A
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For a risk averse person, an increase in wealth brings ________ total utility of wealth and ________ marginal utility of wealth
A) higher; higher B) higher; lower C) lower; higher D) lower; lower
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. What combinations of customers can Anna expect?
a. High value, high value b. High value, low value c. Low value, low value d. All of the above
In macroeconomics, we analyze
a. all of the following b. the overall performance of the economy as a whole c. arrangements through which specific products are exchanged d. influences on the decision making of particular households e. the factors that affect the decisions of individual firms
The supply curve has a
A) negative slope. B) positive slope. C) slope equal to -1. D) undefined slope.