Which of the following scenarios could be an example of increasing marginal utility?
A. A father buying three game CDs for his son.
B. A shopkeeper selling the tenth pound of hamburger.
C. A stamp collector purchasing an additional stamp for collection.
D. A consumer buying an additional unit of apple.
Answer: C
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The employment-to-population ratio equals
A) (labor force)/(working-age population) × 100. B) (number of people employed)/(labor force) × 100. C) (number of people with full-time jobs)/(labor force) × 100. D) (number of people employed)/(working-age population) × 100.
Auction Information Austin's Auctions conducts online auctions on behalf of clients trying to dispose of liquidated dental laboratory equipment. Some clients want to keep product information about each of the items as guarded as possible so as to
negotiate from a stronger position. Others provide photos, detailed assessments as well as complete maintenance records. Which group of clients receive higher prices and why?
Under which of the following conditions will the actual rate of unemployment tend to rise above the natural rate of unemployment?
a. Prices are stable and have been for the last four years. b. Inflation is 3 percent and was widely anticipated more than a year ago. c. Expansionary monetary policies lead to an unexpected increase in inflation from 3 percent to 7 percent. d. Restrictive monetary policies lead to an unexpected reduction in inflation from 6 percent to 2 percent.
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The opportunity cost of producing 1 ton of soybeans in the United States is
A. 1/3 of a computer. B. 1/5 of a computer. C. 3 computers. D. 5 computers.