Using the above table, if the price of Pepsi is $3, how many cans of Pepsi would have to be consumed in order to have a marginal utility to price ratio of 3?
A. one can
B. two cans
C. three cans
D. four cans
Answer: D
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If penalties are imposed on both the buyers and the sellers of illegal goods or services, then an effect in the market for the illegal good or service would definitely be
A) an increase in the equilibrium price. B) a decrease in the equilibrium price. C) a decrease in the equilibrium quantity. D) an increase in the equilibrium quantity.
In the market for insurance, the moral hazard problem leads: a. those most likely to collect on insurance to buy it
b. those who buy insurance to take fewer precautions to avoid the insured risk. c. those with less insurance to take on more risk. d. to none of the above.
Foreign demand for U.S. dollars also represents a supply of dollars.
Answer the following statement true (T) or false (F)
________ post-World War II ________ have been preceded by increases in inflation.
A. Few; recessions B. Many; expansions C. Many; recessions D. All; expansions