The funding of public education is
A) a private program.
B) a subsidy program.
C) done by voluntary contributions.
D) provided by Social Security.
Answer: B
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If Lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when Lisa maximizes her utility she will buy
A) three times as many pints of soy milk as veggie burgers. B) both goods until the marginal utility of veggie burgers is three times the marginal utility of soy milk. C) three times as many veggie burgers as pints of soy milk. D) both goods until the marginal utility of a pint of soy milk is three times the marginal utility of veggie burgers.
Refer to Scenario 10.7. How many ink pads will be produced to maximize profit?
A) 50 B) 250 C) 500 D) 800 E) none of the above
A problem with using the price of a product similar to the intermediate good sold on the market is
a. the market price includes a margin above marginal cost b. the product on the market may include costly features your downstream division does not use c. the product on the market may be cheap because it is not as high of quality as your downstream division uses d. all of the above
Money must be relatively "scarce" if it is to have value. True or False?
Indicate whether the statement is true or false.