Refer to the graph shown. The line segment that represents average total costs of producing Q* is:
A. BQ*.
B. CQ*.
C. AQ*.
D. AB.
Answer: A
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Which of the following is consistent with the assumptions of marginal utility theory?
A) As Jose consumes more of one good, his marginal utility from consuming more of that good decreases. B) As Jose consumes more of one good, his marginal utility from consuming more of that good increases. C) As Jose consumes more of one good, his marginal utility from consuming more of all goods decreases. D) As Jose consumes more of one good, his marginal utility from consuming more of all good increases.
A typical professional National Football League team has three quarterbacks on its roster. What is one reason why they might not have a fourth quarterback?
A) The fourth quarterback's marginal product is approximately zero. B) The fourth quarterback's marginal product is approximately ten. C) The fourth quarterback's marginal product is less than the first quarterback's marginal product. D) There is a law against carrying four quarterbacks on a team.
A default rule:
A. is a consequence that users of commitment devices agree to if they fail to follow through with their commitment. B. defines what will automatically occur if someone fails to make an active decision otherwise. C. is a defined limit used to mark when someone is decidedly not making a good decision. D. is the defined strength of a given commitment needed to get an individual to follow through with the commitment.
In the United States in 2014 real GDP per person was about $56,000, while in some poor countries real GDP per person was less than $5,000
a. True b. False Indicate whether the statement is true or false