The above table gives some of Tammy's total and marginal utilities from comedy videos. Which of the following statements is TRUE?
A) Tammy's marginal utility from the third comedy video is equal to 580/3.
B) Tammy's total utility from five comedy videos is 800.
C) Tammy's marginal utility from the first comedy video is less than her marginal utility from the third comedy video.
D) None of the above answers are correct.
B
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If U.S. imports increase, the sum of the balance of payments accounts (the sum of the current account plus capital and financial account plus official settlements account)
A) becomes negative. B) becomes positive. C) becomes negative or positive depending on the government budget deficit or surplus. D) does not change.
"The resources now going into the War on Terrorism and into improved airport security would save more lives if they were invested in medical research." This statement most clearly reflects which of the following?
a. The best test of an economic theory is its ability to predict. b. There is no such thing as a free lunch--the use of scarce resources always has an opportunity cost. c. selfishness; if people were not selfish, we could have more of everything. d. The value of goods can be determined objectively.
In the Santa Rita silver mines in Arizona in 1870, Mexican miners received about $12 per month, while “American” miners received $70. Although the wages of both groups tended to rise over time, the gap persisted until at least 1910. Mexican and American miners did the same work and were equally productive. Economists call this pay differential as
A. prejudicial differentials. B. compensating differentials. C. economic discrimination. D. Lorenz discrimination.
What will happen when a firm raises the price of a differentiated product in an imperfectly competitive market?
a. It will see lower sales but will not lose all its sales. b. It will lose all its sales to competitor firms. c. It will actually get new customers from other firms. d. It will see an increase in revenues.