The textbook reveals the secret of French cuisine. It is that
a. French food is highly nutritious and its taste creates high total utility
b. they provide only small portions of many courses so that the marginal utility of each course is high
c. they provide large portions of few courses so that the total utility of the meal is high
d. they provide large portions of many courses so that both the marginal and total utility of each course offered in the meal is high
e. time matters; the French meal lasts for hours, increasing the total utility of the meal
B
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Decreases in the value of existing assets are called:
A. capital losses. B. investment. C. capital gains. D. saving.
Consider a production possibility frontier with books and tables. A combination of 1000 books and 500 tables is on the frontier. Which of the following are true?
i. Production of 700 books and 400 tables is attainable but inefficient. ii. Production of 1000 books and 600 tables is unattainable. iii. Production of 500 books and 1000 tables is inside the frontier. A) i, ii and iii B) i only C) i and iii D) ii and iii E) i and ii
In the table above, the unemployment rate is
A) 12 percent. B) 10 percent. C) 8 percent. D) 6 percent. E) 11 percent.
What is the profit-maximizing rule for a monopolistically competitive firm?
A) to produce a quantity that maximizes market share B) to produce a quantity that maximizes total revenue C) to produce a quantity such that price equals marginal cost D) to produce a quantity such that marginal revenue equals marginal cost