If the last $5 spent on movies added 30 utils to your total satisfaction and the last $8 spent on books add 56 utils
A. you can increase your satisfaction by buying more books and seeing fewer movies.
B. you can increase your satisfaction by buying only books.
C. your total satisfaction is 86 utils.
D. you can increase your satisfaction by buying fewer books and seeing more movies.
Answer: A
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Economic surplus
A) is equal to the difference between consumer surplus and producer surplus. B) is equal to the sum of consumer surplus and producer surplus. C) does not exist when a competitive market is in equilibrium. D) is the difference between quantity demanded and quantity supplied when the market price for a product is greater than the equilibrium price.
If the federal government placed a 50 cent per pack excise tax on cigarette manufacturers, and if as a result, the price to consumers of a pack of cigarettes went up by 40 cents, the:
a. actual burden of this tax falls mostly on consumers. b. actual burden of this tax falls mostly on manufacturers. c. actual burden of the tax would be shared equally by producers and consumers. d. tax would clearly be a progressive tax.
Who among the following stressed the importance the voluntary exchange as a distinctly human trait?
A. Adam Smith B. Alfred Marshall C. John Keynes D. Karl Marx
The basic money supply or M1 includes
A. Currency in circulation, transactions accounts, traveler's checks, and money market mutual funds. B. Currency in circulation, savings accounts, and credit card balances. C. Currency in circulation, transactions accounts, and traveler's checks. D. Currency in circulation, transactions accounts, and savings accounts.