If all consumers had identical preferences, then their marginal utility schedules would be the same
a. True
b. False
Indicate whether the statement is true or false
True
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If two countries agree to specialize and trade based on comparative advantage, which of the following is most likely to be TRUE?
A) Both of the countries will consume outside their respective production possibilities curves. B) One of the countries will end up receiving all of the gains from trade. C) One of the countries will both consume and produce on its production possibilities curve. D) Only one of the countries will produce on and consume outside its production possibilities curve.
Between 1864 and 1900, the largest portion of railroad track (as a percentage of total annual construction) was laid in which region of the U.S.?
a. the Southeast b. the Northeast c. the Pacific Northwest d. the Great Plains region
Refer to the figure below.
If a price ceiling were imposed at point G, the consumer surplus would be represented by the area ________.
A. BAEH B. BJEH C. JAE D. GAEF
Real per capital GDP in the United States is:
A. over 30 times what it was a century ago. B. about the same as it was a century ago. C. over three times what it was a century ago. D. over seven times what it was a century ago.