If a consumer always buys goods rationally, then
A) the marginal utility per dollar spent on all goods will be equal.
B) the marginal utility of the different goods consumed will be equal.
C) the average utilities of the different goods consumed will be equal.
D) the total utilities of the different goods consumed will be equal.
A
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The process of research and development
A. always leads to useful products. B. almost never leads to useful products. C. often involves a waste of resources. D. is usually conducted in governmental laboratories.
Private markets will not provide the efficient quantity of a public good because
A) of the principle of minimum differentiation. B) public goods are rival and excludable. C) of rational ignorance. D) of the free-rider problem.
Microprudential supervision does all of the following EXCEPT
A) checking capital ratios of a bank. B) checking a bank's compliance with disclosure requirements. C) assessing the riskiness of an individual bank's activities. D) focusing on financial system liquidity.
In most state-run lotteries,
a. the winner receives a single lump-sum payment b. the present value of the winnings is less than the number of dollars won c. the present value of the winnings exceeds the number of dollars won d. winners are paid the present value of the total amount won e. winners are paid only in the distant future