Figure 7.5
The consumer must decide how to split $20 between spending and saving.Refer to Figure 7.5. If the consumer uses cognition to offset present bias, he/she will maximize utility at a marginal utility per dollar of ________ utils for consumption and ________ utils for saving.
A. 15; 15
B. 15; 30
C. 30; 15
D. 30; 30
Answer: D
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A) raises; decreases B) lowers; increases C) raises; increases D) lowers; decreases
Assume that for 20 bicycles, the total fixed cost is $100 and the total variable cost is $300 . Then the average fixed cost and the average variable cost are:
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_____ is an example of specific human capital
a. High school education b. A bachelor's degree in Economics c. On-the-job learning for a sales executive d. A PhD in astrophysics
Like deficit ceilings, debt ceilings are political mechanisms for forcing compromises on how best to use budget surpluses or deficits.
Answer the following statement true (T) or false (F)