Adrian's total utilities of two consumption bundles are 50 and 100. This implies that
A) Adrian prefers the first bundle.
B) Adrian prefers the second bundle.
C) Adrian likes the second bundle twice as much.
D) Adrian likes the first bundle twice as much.
B
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The figure illustrates the market for bagels. Initially the market is in equilibrium, Then the number of bagels produced is cut from 20 to 10 an hour and the price rises to $2.00 per bagel. Consumer surplus decreases by ________
A) $5.00 an hour B) $2.50 an hour C) $7.50 an hour D) $0.50 a bagel
When an increase in aggregate demand exceeds the increase in aggregate supply
A) real GDP decreases while nominal GDP increases. B) the price level falls while real GDP increases. C) nominal GDP decreases and real GDP decreases. D) the economy will experience inflation as the price level rises.
What is the Nash equilibrium of this game?
a. Both of them clean the apartment b. John cleans, Joe doesn't c. Joe cleans, John doesn't d. Neither of them clean the apartment
When products from a high-cost country within a customs union replace imports from a low-cost country that is not a member of the union, this is called:
a. trade creation. b. trade diversion. c. trade deflection. d. trade development.