What is the domestic price of a TV in a closed economy? 
A. $125
B. $75
C. $137.50
D. $100
Answer: C
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Of the following situations, explain which are best described as games and which are best described as just decisions:
a. Starbucks is deciding whether to offer a new, 40 oz. option called the Uberventi. b. Sasha is deciding whether to order a grande latte or venti latte from Starbucks. c. The people of Catalonia are deciding whether to vote for independence from Spain. d. MGM Resorts International is preparing to bid to obtain the last available casino license in Macao. e. The Hollywood Hills Homeowner Association is debating the landscape design for the renovation of the main entrance to their neighborhood.
The sum of the marginal private benefit and the marginal external benefit derived from eco-tourism in British Columbia is called the
A) total private benefit. B) net gain. C) total external benefit. D) marginal social benefit. E) total Coase benefit.
In the absence of productivity growth, in a steady-state economy
A) output per worker and consumption per worker remain constant over time. B) output per worker remains constant over time, but consumption per worker grows over time. C) output per worker grows over time, but consumption per worker remains constant over time. D) output per worker and consumption per worker both grow over time.
Mary has an income of $50 . She spends her entire money either on burgers or on cookies. The price of a burger is $10, and the price of a cookie is $5 . Which of the following consumption bundles can Mary afford, given her income?
a. 5 burgers and 2 cookies b. 3 burgers and 4 cookies c. 3 burgers and 6 cookies d. 4 burgers and 3 cookies