If you like Oreos more than Chips Ahoy but like Nutter Butters more than Oreos, by the property of transitivity you like
A. Oreos more than Nutter Butters.
B. Nutter Butters more than Chips Ahoy.
C. Chips Ahoy more than Nutter Butters.
D. Nutter Butters more than Oreos.
Answer: B
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The circular flow of income shows that GDP can be measured as the sum of wages, interest, rent, and profits received by households or total expenditures on goods and services by households, firms, government, and the rest of the world
Indicate whether the statement is true or false
In the economic literature on principal-agent problems, the ________ is the person who takes some action, and the ________ is the person whom the action affects
A) agent, principal B) principal, agent C) Both statements describe the agent. D) Both statements describe the principal.
You have noticed that your next-door neighbor, Mary, always works in the garden, and her husband, Joe, always walks the dog. You conclude that if Joe and Mary are efficient, then it must be the case that:
A. Mary has an absolute advantage in gardening. B. Joe experiences increasing opportunity costs when he gardens, but not when he walks the dog. C. Joe has a comparative advantage in walking the dog. D. Mary's opportunity cost of walking the dog is lower than Joe's.
Which of the following examples will have a fall in revenue?
a. When the price of hamburger buns decreases 10 percent, sales increase 12 percent. b. When the price of ice cream decreases 4 percent, sales increase 8 percent. c. When the price of lemons decreases 5 percent, sales increase 3 percent. d. When the price of salsa decreases 8 percent, sales increase 8 percent.