Morgan graduates from college and gets a job paying $50,000 a year. While in school, she consumed 4 pounds of chicken and 1 pound of shrimp a month. After she starts work, she consumes 2 pounds of chicken and 3 pounds of shrimp a month
If everything else is held constant, we know that A) chicken and shrimp are normal goods for Morgan.
B) chicken is an inferior good and shrimp is a normal good for Morgan.
C) chicken is an inferior good for Morgan.
D) shrimp is a normal good for Morgan.
B
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What could cause a decrease in the price level and simultaneously an increase in GDP similar to the 1920s in the United States?
A) a decrease in interest rates B) an increase in interest rates C) a decrease in consumer confidence D) an increase in productivity
If a conscientious manufacturer underestimates the probability of his product killing someone, the manufacturer will likely take precautions that are not cost justified
Indicate whether the statement is true or false
Randomization is the assignment of subjects by ________ to a ________
A) chance, rather than by choice; treatment group or into a test group. B) choice, rather than by chance; treatment group or into a test group. C) choice, rather than by chance; treatment group or into a control group. D) chance, rather than by choice; treatment group or into a control group.
Bobby is offered two fulltime jobs. In the first job, as a salesperson, he has a 50 percent chance to make $2,000 a month and a 50 percent chance to make $10,000 a month. The second job, as a construction worker, pays $4,500 a month with certainty
Bobby's utility of wealth curve is shown in the figure above. Bobby will take the ________ job because his expected ________ from this job is greater. A) first; utility B) second; utility C) second; income D) first; income