Which of the following utility comparisons would a traditional economist make?
a. Priya gets twice as many utils from eating almonds as Mateo does.
b. Aponi gets the same number of utils from eating cashews as Priya gets from eating almonds.
c. Almonds have more utils than cashews because of the health benefits.
d. Mateo likes walnuts and cashews equally, so he gets the same number of utils from both.
d. Mateo likes walnuts and cashews equally, so he gets the same number of utils from both.
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Which of the following BEST describes macroeconomics?
A) It is not a social science because its predictions cannot be tested. B) It analyzes the aggregate effects on the national economy of the choices made by individuals, firms, and governments. C) It examines how the choices that individuals affect governments. D) It studies the choices that individuals and businesses make when coping with scarcity. E) Proving causation is never a problem for macroeconomics.
The limited liability enjoyed by Jitters Coffee Company Corporation is a benefit that protects
A) its employees. B) its Board of Directors. C) its stockholders. D) all of the above
In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.
A. division of labor B. interconnected economy C. task economy D. modern economy
The costs associated with changing prices are called
A. menu costs. B. implicit costs. C. price costs. D. market-clearing costs.