Jerry's Marginal Utility for consuming beer and pizza with $8.00 in income
In the above table, how many hotdogs and beers will Jerry consume if the price of one hotdog is $2.00 and the price of a beer is $2.00?
A. 1 hotdog and 3 beers
B. 2 hotdogs and 3 beers
C. 3 hotdogs and 1 beer
D. 2 hotdogs and 2 beers
Answer: D
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Answer the next question based on the information given in the following table.EmploymentTotal ProductProduct Price00$3112322233303436354036423If the firm is hiring workers under purely competitive conditions at a wage rate of $22, it will employ
A. 1 worker. B. 2 workers. C. 3 workers. D. 4 workers.
What does a production point beyond the production possibilities frontier represent?
What will be an ideal response?
A large underground economy results in an ________.
A. understated GDP B. overstated GDP price index C. overstated GDP D. understated GDP price index
Using Figure 1.5, if an economy has the capacity to produce represented by PP2, then point E represents
A. A combination of potato chips and doughnuts that is not attainable. B. A constant trade-off between potato chips and doughnuts. C. An efficient use of resources. D. None of the choices are correct.