Tom spends $20 a month on CDs and magazines. The price of a CD is $6 and the price of a magazine is $4. When Tom maximizes his utility, the marginal utility from CDs is ________ the marginal utility from newspapers
A) the same as
B) 1/2
C) 20 times
D) 1 1/2 times
D
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Which of the following correctly identifies a Malthusian cycle?
A) Increase in GDP would increase GDP per capita above subsistence, which will cause an increase in the size of population which would increase pressure on resources and eventually reduce GDP per capita. B) Increase in GDP would increase GDP per capita above subsistence, which will cause a decrease in the size of population that would reduce pressure on resources and increase GDP per capita further. C) Decrease in GDP would decrease GDP per capita below subsistence, which will cause an increase in the size of population which would increase pressure on resources and eventually reduce GDP per capita. D) Increase in GDP would increase GDP per capita above subsistence, which will cause an increase in the size of population that would increase pressure on resources and that would further increase GDP per capita.
By the end of the 20th century, the countries of origin of the new U.S. immigrants shifted away from its European majority. A smaller percentage of total immigrants arrived from Europe, and more and more came from Asia, Canada and Mexico
Indicate whether the statement is true or false
The price of a gallon of gasoline at the pump increased by 10 percent at the same time that the inflation rate was 5 percent. The nominal price of gasoline ________, and the real price of gasoline ________.
A. increased; decreased B. increased; did not change C. increased; increased D. decreased; increased
The first-order conditions for maximizing profits, ? = P × F(K, L) - wL ? rK, are:
A. P × {?F(K,L)/?K} - r = 0 and P × {?F(K,L)/?L} - w = 0. B. VMPK = r and VMPL = w. C. P × MPK ? r = 0 and P × MPL ? w = 0. D. All of the answers are correct.