Answer the following questions true (T) or false (F)
1. There are no costs to inflation if it is fully anticipated.
2. If you received negative marginal utility from consuming the 4th slice of pizza, then your total utility from 4 slices of pizza must be less than your total utility from 3 slices of pizza.
3. When diminishing marginal utility sets in, total utility must be negative.
1. FALSE
2. TRUE
3. FALSE
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Suppose when the price of pizza goes from $8 to $12 per pie, production increases from 2,500 pies to 4,000 pies per month. Using the mid-point method, the percentage change in price is:
A. 40 percent B. 46 percent C. 1.31 D. 0.35
Which of the following is a characteristic of oligopoly?
A. many firms B. strategic dependence C. easy entry and exit D. horizontal market demand curve
Of approximately 140 million jobs in the U.S., each year, approximately
A. 31 million are eliminated and 30 million are created. B. all jobs eliminated pay lower wages than the new jobs created. C. 30 million are eliminated and 31 million are created. D. all jobs eliminated are attributable to global outsourcing.
Rational voter ignorance occurs because the marginal cost of obtaining information is higher than the marginal benefit from obtaining the information
a. True b. False Indicate whether the statement is true or false