At the utility maximizing choice, the marginal utility of a hamburger is 50 utils, while the marginal utility of French fries is 25 utils. If the price of French-fries $5, the price of a hamburger is _____
a. $10
b. $5
c. $4
d. $2.50
a
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If the equilibrium price of widgets is $22, and then a price ceiling of $24 is imposed by the government, as a result,
a. there will be no effect on the widget market.
b. there will be a shortage of widgets
c. there will be a surplus of widgets.
d. the price of widgets will increase.
Convergence refers to closing the gap in ________ between poorer countries and richer countries.
A. real GDP B. real GDP per capita C. the growth rate in real GDP D. the growth rate in real GDP per capita
Which of the following is an example of an external benefit?
A. More people start to ride the bus because they become more public?spirited and, as a result, air pollution is reduced. B. A firm has just gotten permission to open a landfill on property that is adjacent to your home. C. The federal government spends a million dollars on improving national parks. D. Firms are able to reduce their costs of production by using a more efficient technology.
A government's debt is increased when it
A. balances is budget. B. runs a surplus. C. buys more bonds. D. runs a deficit.