Billy is deciding whether to watch TV at home or go spend time with his friends. If Billy decides to stay home, we can conclude that:
A. Billy is a homebody and never goes out.
B. Billy will get more utility from watching TV than spending time with his friends.
C. Billy will regret not spending more time with his friends.
D. Billy's revealed preference is to always be alone.
B. Billy will get more utility from watching TV than spending time with his friends.
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If a federal agency requested funds to build a dam on an Idaho river to irrigate nearby farmland used for growing potatoes, the most active support for the project probably would come from
a. potato farmers who own land that wouldn't be irrigated by the project. b. taxpayers who would pay for the project. c. consumers of potatoes who might benefit from an expansion in supply and slightly lower potato prices. d. potato farmers who own the land to be irrigated.
A species of snakes became extinct due to pollution in a river where the snakes once lived. This is an example of
a. a market failure caused by an externality. b. a market failure caused by market power. c. a market failure caused by equality. d. There is no market failure in this case.
Refer to the above graph. The profit-maximizing monopolist shown sets its price at:
A. 0H. B. 0K. C. 0G. D. 0J.
With respect to each of the following issues, explain whether floating or fixed exchange-rates would be better and why it would be better.a. Internal monetary shocksb. External macroeconomic shocksc. A need for diversity in macroeconomic goals and policies across countries
What will be an ideal response?