Which of these terms are used interchangeably?
a. "goods and services" and "inputs"
b. "goods and services" and "factors of production"
c. "inputs" and "factors of production"
d. "land, labor, and capital" and "goods and services"
c
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According to the Cost-Benefit Principle, you should go see the latest Star Wars movie with your friends this week-end if:
A. the benefits of seeing the movie are greater than the costs of seeing the movie. B. you have a free ticket. C. you can afford to go to the movies. D. you really like Star Wars.
Blutarsky is throwing a party at his Fraternity and is trying to choose what booze to buy. A bottle of vodka has four times the alcohol as a six-pack of beer
If Blutarsky only cares about the total amount of alcohol in his basket, what is his marginal rate of substitution of bottles of vodka for six-packs of beer? Devise a utility function to represent these preferences.
The strategy underlying price discrimination is
a. to charge higher prices to customers who have good substitutes available to them and lower prices to customers without many substitutes available to them.. b. to charge everyone the same price but limit the quantity they are allowed to buy. c. to increase total revenue by charging higher prices to those with the most inelastic demand for the product and lower prices to those with the most elastic demand. d. to reduce per-unit cost by charging higher prices to those with the most inelastic demand and lower prices to those with the most elastic demand.
Many developing countries face a balance of payments constraint because:
A. they fail to implement exchange rate policy correctly. B. they hold too few international reserves. C. they hold too many international reserves. D. the IMF forces them to adopt policies that are counterproductive.