Of the following choices, which is the best example of a nation's economic infrastructure?
a. Natural resources.
b. Highway system.
c. Government.
d. Religious and cultural beliefs.
e. Population growth rate.
b
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Alex has allocated his income in such a way that the marginal utility of the last unit of product X he consumes is 40 utils and that of the last unit of Y is 16 utils. If the unit price of X is $5, then the price of Y must be
A. $1 per unit. B. $3 per unit. C. $2 per unit. D. $4 per unit.
Refer to Figure 13.1. If the voting method used to select a location for the recreation center is the plurality-rule method, the number of voters who will vote against the winning city is
A) 135. B) 195. C) 255. D) 405.
From Example 1.2 in the textbook, Pindyck and Rubinfeld distinguish between the mass market and dealer market for bicycles. Although there are many dealers in the U.S and only a few mass merchandisers, we should expect the dealer market to be somewhat less competitive than the mass market. Why?
A) Due to their differences in quality and performance, dealer bicycles are not close substitutes. B) The geographic extent of the market for dealer bicycles is typically small, so the individual sellers do not have many local competitors. C) Dealers are small sellers and have little control over bicycle prices. D) A and B are correct. E) B and C are correct.
When the Fed conducts open market operations, the impact of the buying or selling of bonds will include changes in
A) SRAS. B) interest rates. C) LRAS. D) a and b E) a, b and c