If Ferdinand prefers a Big Mac to a Whopper and a Whopper to a hotdog, but is indifferent between a Big Mac and a Quarter Pounder he must
A. prefer a Quarter Pounder to a hotdog.
B. prefer a Whopper to a Quarter Pounder.
C. be indifferent between a Whopper and a hotdog.
D. be indifferent between a Quarter Pounder and a Whopper.
Answer: A
You might also like to view...
Use the following graph, which shows the supply and demand curves for dollars in the pound/dollar market, to answer the next question,
Assume that D1 and S1 are the initial demand for and supply of dollars. Suppose that Britain's demand for dollars increases from D1 to D2. If the British government wishes to fix the exchange rate at the initial level, it should ________.
A. buy and add more to its dollar reserves B. encourage the British to import more U.S. products C. sell pounds in exchange for U.S. dollars D. sell some of its dollar reserves
In the above figure, the total revenue for a single-price monopolist is shown by the area
A) 0P5fQ1. B) P2P4eb. C) 0P3cQ1. D) 0P4eQ3.
Sally leaves her $24,000 secretarial position with a company and invests her savings of $15,000 (on which she was earning 6 percent interest) in her own Ready Sec agency. After expenses, her net income was $28,900. Her economic profit was
A. $4,900. B. $4,000. C. $28,900. D. ?$10,100.
The amount of real domestic output that will be purchased at each possible price level is best shown by the:
A. aggregate demand curve. B. aggregate expenditures model. C. aggregate supply curve. D. difference between real and nominal GDP.