Economists hold many positions advising the president and Congress including
a. being a member of the Council of Economic Advisers.
b. helping to enforce antitrust laws at the Department of Justice.
c. conducting research at the Congressional Budget Office.
d. All of these are possible positions that economists hold.
d
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The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. What is the marginal utility per dollar from magazines when the sixth magazine is purchased?
A) 36 units B) 15 units C) 9 units D) 5 units
If quantity demanded for rice falls by 2% when price increases 8%, we know that the absolute value of the own-price elasticity of rice is:
a. 2.5. b. 0.25 c. 4.0 d. 0.40.
The "invisible hand" refers to the control that government must exercise over a market economy
a. True b. False Indicate whether the statement is true or false
A lighthouse that serves a dangerous coastal area is built. The lighthouse cost $2 million to build and serves 100 ships a month. If the shipping in the area increases so that 300 ships pass by a month, the increase in additional costs of providing the light to these new ships is
A. $0. B. $5,000. C. $2 million. D. $100,000.