At the utility maximizing level, the ratio of the marginal utility of pizzas to that of sandwiches is 3:4 . If the price of a pizza is $3, then the price of a sandwich is _____
a. $6
b. $4
c. $9
d. $8
b
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The process by which financial institutions accept savings from businesses, households and governments and lend the savings to other businesses, households and governments is
A) asymmetric information. B) adverse selection. C) moral hazard. D) financial intermediation.
Total federal government spending in 2007 was
a. less than $100 billion b. between $125 billion and $250 billion c. $750 billion d. over $2.8 trillion e. over $12.5 trillion
A professional gambler moves from a state where gambling is illegal to a state where gambling is legal. Most of his income was, and continues to be, from gambling. His move
a. necessarily raises GDP. b. necessarily decreases GDP. c. doesn't change GDP because gambling is never included in GDP. d. doesn't change GDP because in either case his income is included.
Middlemen:
a. increase transaction costs. b. increase the price of goods, services and resources without providing any benefits. c. impede trade and hinder economic growth. d. reduce transaction costs.