If Mr. McConaughey has 7 hours to spend with friends and family and breaking a sweat, he will maximize his utility if he spends
A) 2 hours with family and friends and 5 hours breaking a sweat.
B) 5 hours with family and friends and 5 hours breaking a sweat.
C) 4 hours with family and friends and 3 hours breaking a sweat.
D) 3 hours with family and friends and 4 hours breaking a sweat.
D
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Monopolistic competition is defined as a type of market structure where
A) many firms produce the good. B) firms produce a homogeneous good. C) there are barriers to entry. D) firms can earn positive profit in the long run.
The government can address __________ by providing universal health insurance coverage and charging uniform premiums.
A. expected utility B. asymmetric information C. commodity egalitarianism D. adverse selection
Define the law of demand and explain how this relates to typical human behavior.
What will be an ideal response?
The gains from trade creation are likely to be larger for a country if
A. the supply of the imported good by the foreigners is relatively inelastic. B. it mainly imports primary products. C. its import demand curve is relatively elastic. D. the country's government sufficiently subsidizes the production of its exportable goods.