Related to the Economics in Practice on page 292: The smart phone industry is best characterized as
A. highly concentrated.
B. not at all concentrated.
C. moderately concentrated.
D. monopolistic.
Answer: A
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Which of the following is NOT among the primary functions of money?
A) store of value B) indicator of supply C) an object that is generally accepted in return for goods and services D) unit of account E) medium of exchange
Suppose there are economies of scale in the production of a specialized memory chip that is used in manufacturing microwaves. This suggests that the microwave industry is a decreasing-cost industry
Indicate whether the statement is true or false
If the relative price of one unit of good Y is 0.25 units of good Z, then it follows that the absolute price of good Z can be __________ and the absolute price of good Y can be __________
A) $4,000; $2,000 B) $1,000; $2,000 C) $2,000; $1,000 D) a and c E) none of the above
Suppose a cup of tea costs $0.60 and a scone costs $1.20. If Edith spends all of her income on these two goods, and at her current level of consumption, she receives a marginal utility of 6 utils from the last cup of tea she buys and a marginal utility of 24 utils from the last scone she buys, then Edith should:
A. buy more tea and fewer scones. B. not change her consumption of tea and scones. C. buy more tea and more scones. D. buy less tea and more scones.