____ is the subjective measure of the physical and mental satisfaction that is anticipated from consumption
a. Demand
b. Supply
c. Recognition
d. Utility
e. Cognition
d
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Suppose we live in an exchange economy with two goods. I own 50 of both goods, and you own 250 of both goods. My tastes are captured by the utility function 
and yours are captured by the utility function 
.
a. Calculate the competitive equilibrium price.
b. How much do each of us consume of good 1 in equilibrium?
c. Suppose the government transfers 100 units of your good 1 endowment to me. How is your answer to (a) and (b) affected? d. Suppose the government instead transfers 100 units of good 2 from you to me. How is your answer to (a) and (b) affected? e. Do you think your answers to (c) and (d) generally hold for most types of tastes -- or do you think they arise because of some specific feature of these tastes? What will be an ideal response?
In economic terms, tariffs are preferred to quotas because
A) domestic manufacturers gain more producer surplus. B) there is less loss of consumer surplus. C) tariffs are easier to administer. D) quotas create a greater production inefficiency. E) given the way quotas are usually administered, tariffs cause a smaller net national welfare loss.
I am considering loaning my brother $10,000 for one year. He has agreed to pay 10% interest on the loan. If I don’t loan my brother the $10,000, it will stay in my bank account for the year, where it will earn 2% interest. What is the opportunity cost to me of the loan to my brother?
a. $1,200. b. $1,000. c. $200. d. $800.
The self-interest theory of government was suggested by:
A. James Buchanan. B. Charles M. Tiebout. C. bureaucrats. D. the European Union.