Libertarians believe that the government should enforce individual rights to ensure that all people have the same opportunities to use their talents to achieve success
a. True
b. False
Indicate whether the statement is true or false
True
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If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for coffee. What happens in this market if buyers expect the price of coffee to rise?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
The cross price elasticity of demand between two goods is 50. We may conclude that
A) the two goods are very complementary and probably are sold together. B) the two goods are poor substitutes for each other. C) the demand for one of the goods is likely to be fairly elastic and the demand for the other good is likely to be fairly inelastic. D) the demand for each of the goods is likely to be very elastic.
This table shows the price-level adjustment as compared to the United States. CountryPrice-Level AdjustmentAustralia-0.50China0.25Mexico0.34United States0.00According to the table shown, if Bob is earning $30,000 in the United States and Bill is earning $40,000 in Mexico, what can be said about their standards of living?
A. Bill is earning more in real terms than Bob. B. Bob and Bill are earning the same amount in real terms. C. Bob and Bill are earning the same amount in nominal terms. D. Bob is earning more in real terms than Bill.