Kathy has eaten five cookies. The fifth cookie makes Kathy sick. This means that for Kathy
A) the fifth cookie has little utility.
B) the fifth cookie has negative utility.
C) the opportunity cost of cookies is high.
D) cookies must be inexpensive.
Answer: B
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The text argues that the United States has had a comparative advantage in goods and services that:
A. are luxury goods. B. are mass-produced. C. are artistic and well crafted. D. require creativity and innovation.
When the price of oil declines significantly, the price of gasoline also declines. The latter occurs because of a(n):
A. decrease in the demand for gasoline. B. increase in the supply of gasoline. C. increase in the demand for gasoline. D. decrease in the supply of gasoline.
If you get a job and are required to join the union within a month, this is known as a(n)
A) closed shop. B) open shop. C) agency shop. D) union shop.
Which of the following is an example of a positive economic statement?
a. The economy's real output increased at about 3 percent last year and the unemployment rate decreased. b. A central bank should not print too much money because inflation could result. c. Congress should stabilize the social security system by raising taxes now. d. The government farm products surplus should be distributed to the needy.