Suppose one Big Mac gives you a marginal utility of 500 and a second Big Mac gives you a marginal utility of 200. The total utility of buying (and eating) two Big Macs is:
A. 200.
B. 700.
C. 300.
D. 500.
Answer: B
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The first English colonies in North America were established by:
a. Sir Humphrey Gilbert. b. Christopher Columbus. c. Capt. John Smith. d. Sir Walter Raleigh.
The administrative burden of taxation relates to the a. the disincentive for individuals and businesses to work generate income
b. individuals' cost of preparing tax returns and the government's cost of enforcing tax laws. c. the opportunity cost of social programs. d. the net interest that must be paid on the national debt.
In providing a legal framework, the government
A. Protects copyrights to encourage textbook protection. B. Protects the ownership of private property to encourage the private sector. C. Protects patents to encourage entrepreneurship. D. All of the choices are correct.
Refer to the production possibilities curve. At the onset of the Second World War, the Soviet Union was already at full employment. Its economic adjustment from peacetime to wartime can best be described by the movement from point:
A. c to point b.
B. b to point c.
C. a to point b.
D. c to point d.