If property rights are poorly defined
a. no one can really "own" property
b. time and energy are wasted in disputes about ownership
c. most exchanges are involuntary exchanges
d. consumer surplus cannot exist
e. producer surplus cannot exist
B
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The total utility from consuming five cups of coffee is 15, 27, 37, 46, and 54 utils, respectively. The marginal utility of the fourth cup of coffee is: a. 48. b. 54. c. 9
d. 6.
Inefficiency is best illustrated by which of the following?
a. foregoing civilian goods in order to produce more military goods b. limiting economic growth by reducing capital spending c. high levels of unemployment of labor and other resources that could be productively employed d. producing outside the production possibilities frontier
In which situation is the real value of 1 unit of currency the highest?
a) A Big Mac that costs 4 pounds in London. b) A Big Mac that costs 450 yen in Tokyo. c) A Big Mac that costs $4.75 in New York City. d) A Big Mac that costs 7 Swiss Francs in Zurich.
Ellen is spending her entire income on goods X and Y. Her marginal utility from the last units of X and Y that she consumes is 25. Ellen's utility is only maximized if
A. the price of good X is twice that of good Y. B. the price of good Y is twice that of good X. C. the prices of X and Y are the same. D. We cannot determine whether Ellen is maximizing her utility.