Refer to Table 2-16. What is Finland's opportunity cost of producing one board foot of lumber?
A) 0.25 cell phones B) 4 cell phones C) 12 cell phones D) 16 cell phones
A
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A closed economy is one that
A. uses tariffs. B. uses quotas to restrict trade. C. uses exchange controls. D. does not trade with other nations.
The Paradox of Value is resolved by the willingness for an individual to pay a high price for a good or service that has a high marginal utility per dollar
Indicate whether the statement is true or false
The notion that a decline in tax rates and other incentives will spur individuals and firms to increase productivity is typically referred to as
A) demand-side economics. B) Ricardian equivalence. C) supply-side economics. D) Keynesian economics.
Suppose Fernando allocates his lunch money to pizza and Coke. A Coke costs $1 and a slice of pizza costs $1.50 . The marginal utility of the last slice of pizza Fernando ate was 30, and the marginal utility of his last Coke was 25 . Fernando spent all of his lunch money. From this information, we can conclude that
a. Fernando allocated his money in a way that maximized his total utility b. Fernando's total utility would have been higher if he had purchased more Coke and less pizza c. Fernando's total utility would have been higher if he had purchased more pizza and less Coke d. Fernando could have increased his total utility by purchasing more Coke but the same quantity of pizza e. Fernando could have increased his total utility by purchasing more pizza but the same quantity of Coke