Refer to the information provided in Table 6.1 below to answer the question(s) that follow.
Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. The total utility of five sodas per day is
A. 35.
B. 64.
C. 92.
D. indeterminate from this information.
Answer: B
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As output moves from point a to point b to point c along the PPF in the above figure, the opportunity cost of one more unit of good X
A) rises. The opportunity cost of one more unit of good Y also rises. B) rises. The opportunity cost of one more unit of good Y falls. C) falls. The opportunity cost of one more unit of good Y rises. D) falls. The opportunity cost of one more unit of good Y also falls.
In 2012, more than 60% of the privately held national debt was held by
a. foreign investors. b. Federal Reserve banks. c. large corporations. d. government trust funds.
A negative externality will cause a private market to produce
a. less than is socially desirable. b. more than is socially desirable. c. exactly the quantity that is socially desirable. d. less than the same market would produce in the presence of a positive externality.
Seth is a surgeon who goes to Cambodia each summer and donates two weeks of his time to local hospitals. From an economic standpoint, utility is gained by:
A. Seth, knowing the local paper writes a story about his trip every time he comes home. B. Seth's patients. C. Seth, knowing he is doing a good deed. D. All of these are true.