Which of the following groups are overrepresented among those with low incomes?
a. youthful inexperienced workers
b. college students working on graduate degrees
c. single-parent families
d. all of the above
D
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Given the data in the above table, income of $13, a price of $1 for a bottle of water and $2.00 for a hamburger, what is the marginal utility per dollar spent on the fifth hamburger?
A) 10 units of utility B) 8 units of utility C) 6 units of utility D) 4 units of utility
Mutual interdependence means that
A) all firms are price takers. B) each firm sets its own price based on its anticipated reaction by its competitors. C) all firms collaborate to establish one price. D) all firms are free to enter or leave the market.
Suppose that opportunity costs are constant in both France and Germany. In France, maximum feasible hourly production levels are either 3 units of wheat or 5 units of wine. In Germany, maximum feasible hourly production levels are either 4 units of wheat
or 10 units of wine. It is correct to state that A) Germany has an comparative advantage in producing both wheat and wine. B) Germany has a comparative advantage in producing wine. C) France has a comparative advantage in producing both wheat and wine. D) France has a comparative advantage in producing wine.
If the graph shown represents Tina's budget constraint, which of the following consumption bundles can Tina not afford?
A. Two pairs of earrings and four hairbands B. No earrings and six hairbands C. Three pairs of earrings and four hairbands D. Cannot answer this question without knowing Tina's income and the prices of the two goods