Everyone refers to Jerry as "Big Guy.". He is 6'4" tall and weighs 275 pounds (he says). It's probably closer to 300 pounds. Jerry loves hamburgers. He ate 4 of them at McDonald's one evening. He figured the last one was just worth the $1 price he paid. If his demand curve for hamburgers is downward sloping, then he
a. gained no consumer surplus because his demand curve is downward sloping
b. would have gained consumer surplus if he had eaten one more hamburger
c. gained consumer surplus on each of the four he consumed
d. gained consumer surplus only on the first three hamburgers
e. gained $1 consumer surplus on the fourth hamburger alone
D
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You are playing a game in which a dollar bill is auctioned. The highest bidder receives the dollar in return for the amount bid. However, the second-highest bidder must pay the amount that he or she bids, and gets nothing in return
The optimal strategy is: A) to bid the smallest allowable increment below $1. B) to bid nothing. C) to bid $0.99. D) to bid more than a dollar.
A major macroeconomic leakage from the circular flow is:
a. Consumption b. Savings c. Saving d. Gross private domestic investment e. All of the above.
According to the permanent income hypothesis,
a) consumption responds only to changes in current income b) consumption responds more to expected future changes in income than to current income c) consumption responds more to temporary changes in income than to permanent changes d) consumption responds more to lifetime income than to current income e) consumption is a function of previous income
Refer to Table 21.3 below:Table 21.3Units of LaborUnits of OutputMPP00 1 30266 3 304116 What is the marginal physical product of the second unit of labor in Table 21.3?
A. 18. B. 36. C. 33. D. 66.