Economists usually assume that all consumers have the same tastes and preferences
a. True
b. False
B
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During the first 6 months of 2008, the United States imported from Africa, Asia, and Latin America more than 1.6 billion pounds of coffee and did not export any coffee. Based on this, we know definitively that
A) Africa, Asia, and Latin America have comparative advantage in coffee production. B) the United States has absolute advantage in coffee production. C) Africa, Asia, and Latin America have absolute advantage in coffee production. D) the United States has comparative advantage in coffee production.
Kumiko is not at her consumer equilibrium because she sees too many movies and buys too few books. As she moves toward her consumer equilibrium, her total utility from movies will ________ and her total utility from books will ________
A) decrease; decrease B) increase; decrease C) decrease; increase D) increase; increase
Refer to Table 1-5. What is Julius's marginal benefit if he decides to stay open for three hours instead of two hours?
A) $15 B) $25 C) $65 D) $80
Describe the debt-deflation process
What will be an ideal response?