Refer to the information provided in Figure 6.9 below to answer the question(s) that follow.
Figure 6.9Refer to Figure 6.9. The ________ video game rental has a marginal utility of zero.
A. first
B. second
C. third
D. fourth
Answer: D
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"Cheap foreign wages" is a poor argument for protection because it fails to recognize the importance of productivity. Which of the following does NOT contribute to increasing productivity?
A) Education and training B) Government subsidies C) Infrastructure D) Capital
The assumption that individuals act rationally implies that
a. people think only of themselves and disregard the well-being of others b. people undertake all those activities that yield benefits to themselves c. people only consider the costs of an activity to decide whether it is worthwhile d. the greater the cost of a charitable deed to a benefactor, the more likely he or she is to perform that deed e. people implicitly calculate the costs and benefits of an activity to decide if it is worthwhile
Which of the following statements correctly describe the elasticities of demand for gasoline and automobiles?
a. The income elasticity of demand for gasoline and automobiles is negative. b. The price elasticity of demand for gasoline is elastic and the cross-price elasticity between gasoline and SUVs is positive. c. The price elasticity of demand for gasoline is inelastic and the cross-price elasticity between gasoline and SUVs is negative. d. The price elasticity of demand for gasoline is inelastic and the income elasticity between gasoline and SUVs is positive. e. The price elasticity of demand for gasoline is elastic and the income elasticity between gasoline and SUVs is negative.
If the population and GDP increase by the same percentage, then real GDP per capita:
A. stays the same. B. increases. C. decreases. D. may change, but one cannot be sure of the direction.