Sven likes to water ski, but can only water ski during the one week each year when he is on vacation. Therefore, he plans to ski every day, for eight hours a day. The first day, Sven skied for eight hours and enjoyed every hour. The second day, Sven slept in and then skied for seven hours, which was fun but not as much fun as the first day. The third day, Sven skied for six hours, but was starting to get a bit bored by the end. The fourth day, Sven skied for four hours and then took a nap. On the fifth day of Sven's vacation, Sven went blueberry picking all day. Sven's total utility ________ with each hour that he skied.
A. first increased than decreased
B. increased
C. decreased
D. remained constant
Answer: B
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Which of the following relationships is most likely to exhibit zero correlation?
A) The relationship between the amount received as unemployment benefits in China and the unemployment rate in Canada B) The relationship between education and income C) The relationship between income and savings D) The relationship between wind velocity and rotational speed of wind turbines
The figure above shows the market for milk. If the government pays the milk producers a subsidy and production increases to 300 gallons per day
A) the market is efficient because the marginal social benefit from the last gallon of milk exceeds its marginal social cost. B) the market is efficient because the total social benefit from milk exceed the total social cost. C) there is a deadweight loss because the marginal social benefit from the last gallon of milk exceeds its marginal social cost. D) there is a deadweight loss because the marginal social cost of the last gallon of milk exceeds its marginal social benefit.
Last year, the real per capita GDP of Country A was $32,000 and that of Country B was $25,000. Based on this information, what can we conclude about the standard of living for a typical inhabitant in each of these countries?
a. The standards of living for the typical inhabitants of these two countries cannot be determined without more data. b. The standards of living for the typical inhabitants of these two countries are roughly equivalent. c. A typical inhabitant of Country B has a higher standard of living than a typical inhabitant of Country A. d. A typical inhabitant of Country A has a higher standard of living than a typical inhabitant of Country B.
When you purchase a new surfboard you do so in the
A) resource market. B) product market. C) input market. D) factor market.