Betty consumes good x and good y. If the price of x = $3 and the price of y = $4, then
A) an extra unit of x costs 4/3 units of y.
B) an extra unit of y costs 4/3 units of x.
C) an extra unit of x costs 3/4 units of y.
D) Both B and C.
D
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A differentiated product has
A) many perfect substitutes. B) no close substitutes. C) no substitutes of any kind. D) close but not perfect substitutes. E) many different complements.
Refer to Figure 7-1. Under autarky, the consumer surplus is area
A) S + V. B) S. C) R. D) R + S + V.
Consider a society consisting of just a farmer and a tailor. The farmer has 30 units of food but no clothing. The tailor has 60 units of clothing but no food. Suppose each has the utility function U = F1/3C2/3
If the price of clothing is always $1, and the food price is currently $1, then we can conclude A) the market is at a competitive equilibrium. B) the price of food will drop towards a competitive equilibrium. C) the price of food will increase towards a competitive equilibrium. D) None of the above.
The percentage of households with a Head Start enrollee where there are two parents present and where both have jobs is
A. 67%. B. 20%. C. 33%. D. 50%.