Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice cream costs $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60, and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 5 gallons of ice cream and 8 paperback novels?
a. Karen, Tara, and Chelsea
b. Karen only
c. Tara and Chelsea but not Karen
d. none of the women
d
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Jacob buys less soda when the price of soda rises 10 percent, while the prices of all other goods also rise 10 percent. Jacob is
A) behaving in accordance with classical economic theory. B) worrying too much about a coming recession. C) suffering from money illusion. D) paying too much attention to changes in relative prices.
Refer to Table 14-6. What price will Sturdy Homes charge and what profit does Sturdy Homes expect to make?
A) Price = $12,000; expected profit = $3 million B) Price = $8,000; expected profit = $7 million C) Price = $8,000; expected profit = $4 million D) Price = $10,000; expected profit = $5 million
Refer to Table 29-2. Given the following exchange rates in the above table, what are the exchange rates stated as U.S. dollars per Mexican peso and U.S. dollars per British pound respectively?
A) 0.10 dollars per peso and 2.00 dollars per pound B) 0.10 dollars per peso and 5.00 dollars per pound C) 1.00 dollars per peso and 20.00 dollars per pound D) 0.01 dollars per peso and 0.50 dollars per pound E) 0.01 dollars per peso and 0.20 dollars per pound
Refer to the payoff matrix below, which ________ a prisoner's dilemma. If both countries go it alone, Home will choose Policy ________ and Foreign will choose Policy ________
A) is; 1; A B) is; 2; B C) is; 1; B D) is not; 2; B E) is not; 1; A