The total utility of consuming two slices of pizza is
a. the extra satisfaction you get from consuming the second slice of pizza.
b. the extra satisfaction you get from consuming the first slice of pizza.
c. the total satisfaction you get from consuming the two slices of pizza.
d. none of the above.
c. the total satisfaction you get from consuming the two slices of pizza.
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Provide a simple definition of the price elasticity of demand and explain why knowing the price elasticity for her product is useful to the firm's manager
What will be an ideal response?
The Chinese economic reforms of 1978 opened China to international trade and investment. These reforms gave China access to new capital and technology, which
A) allowed China to decrease its capital-labor ratio and increase labor productivity. B) increased China's total factor productivity and standard of living. C) accelerated Chinese productivity to a level where Chinese real GDP per capita is now on par with that in the United States. D) rapidly increased productivity in China and convinced Chinese officials to expand the reforms to include complete privatization of its financial system.
The difference between the real interest rate and the nominal interest rate gives the inflation rate in an economy in a particular year
a. True b. False Indicate whether the statement is true or false
Which of the following is most likely to reduce the market wage rate in a job category?
a. The job is widely viewed as dangerous. b. The job requires employees to move from city to city quite often. c. The job requires substantial out-of-town travel. d. Employees have considerable flexibility in choosing their work hours.