The marginal productivity principle has some relevance to organizing production in a socialist society
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the price of soda is $2 each and the price of a pizza slice is $4 each. Jean maximizes utility and buys only sodas and slices of pizza. If the price of a soda increases to $3 each, Jean's marginal utility per soda
A) will increase and she'll buy more soda. B) will decrease and she'll buy fewer sodas. C) will decrease and she'll buy more pizza. D) Both B and C are correct.
The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). The current price is 35ยข per minute. What is the consumer surplus at the current price?
A) 924.5 B) 1075 C) 301 D) 1250
The Bureau of Labor Statistics periodically updates the base year in the CPI because
a. nominal GDP changes over time b. of changes in the importance of goods in the consumer basket c. real GDP changes over time d. the GDP deflator is periodically updated e. prices change over time
Which of the following statements is most correct?
A. Financial instruments are created to transfer risks that are relatively easy to predict. B. When a risk is difficult to predict, financial instruments are created to transfer these risks. C. Financial instruments require certainty of an event to be able to transfer risk. D. Financial instruments eliminate the risk from uncertainty, they do not transfer it.