Refer to the above data. What level of total utility is realized from the equilibrium combination of J and K determined in the previous question?
A) 156 utils
B) 124 utils
C) 276 utils
D) 36 utils
Ans: C) 276 utils
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All of the following are measures of market power except the:
A) Lerner Index. B) Minimum-Efficient Scale Index. C) four-firm concentration ratio for an industry. D) Herfindahl-Hirschman Index.
It is true that __________ changes in velocity cause __________ changes in real GDP
A) small; no B) large; no C) small; large D) large; small
Society's rate of time preference is
A) the extra amount people would be willing to pay to have consumption goods in the future instead of now. B) the value that people place on the time saved by purchasing capital goods rather than consumer goods. C) the extra amount people would be willing to pay to have consumption goods now instead of the future. D) is negative if people prefer present consumption to future consumption.
Which of the following is not an argument in favor of restricting trade??
What will be an ideal response?