Refer to the scenario above. What is the probability of getting heads?
A) 25%
B) 50%
C) 75%
D) 100%
B
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Use the figure below to answer the following question.
If actual production and consumption occur at Q1 and the price is P1
A. deadweight loss equals area b. B. producer surplus equals area c + b. C. consumer surplus equals area a + b. D. consumer surplus equals area a.
Which of the following statements is true of growth in the U.S. economy from 1950 to 2007?
A) Growth resulting from physical capital > growth resulting from technology > growth resulting from human capital B) Growth resulting from technology > growth resulting from physical capital > growth resulting from human capital C) Growth resulting from human capital > growth resulting from technology > growth resulting from physical capital D) Growth resulting from technology > growth resulting from human capital > growth resulting from physical capital
Because of diminishing marginal utility, you
A. should never buy more than one unit of a good, since additional units decrease your total utility. B. have to consider the effect of additional units on your total utility when you make purchases. C. wind up paying for units that you receive no benefit from. D. always want to increase your consumption of a good until the marginal utility you get is zero.
The cross-price elasticity between Gillette razors and a related good is -3.4. What happens to the demand for the related good if the price of Gillette razors falls by 10 percent?
A) The quantity demanded of the related good falls by 34 percent. B) The quantity demanded of the related good rises by 34 percent. C) The quantity demanded of the related good rises by 3.4 percent. D) The quantity demanded of the related good falls by 3.4 percent.