Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom's budget constraint is AC. At which point does Tom consume only hamburgers?
A. A
B. B
C. C
D. D
Answer: C
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Refer to Scenario 11.1. Suppose all five ranchers know that Mariana has $3 million to spend on their land and they also know that their land that Mariana needs is worth a total of $2 million
Each rancher believes that one or more of the other ranchers will settle for less than the maximum value of their land and therefore each decides to ask Mariana to pay $750,000 for their parcel of land. In this situation, the economic pie will A) grow by $3.75 million. B) grow by $3 million. C) not grow. D) shrink by $1 million.
An accountant may amortize the expense of a durable good by dividing the total amount spent on the good by the number of years the good is expected to last
An economist may amortize the expense of a durable and never fully account for the total expense. Indicate whether the statement is true or false
Under the current Social Security system, married persons may draw benefits based on
a. only their own earnings. b. their own earnings or draw 50 percent of the benefits earned by their spouse. c. their own earnings plus 50 percent of their spouse's earnings. d. their own earnings plus 100 percent of their spouse's earnings.
Refer to the accompanying table. The marginal utility of consuming the 2nd apple is:Number of ApplesTotalUtility120235345450545
A. 35. B. 20. C. 10. D. 15.