Jack and Diane each buy pizza and paperback novels. Pizza costs $3 per slice, and paperback novels cost $5 each. Jack has a budget of $30, and Diane has a budget of $15 to spend on pizza and paperback novels. Which consumer(s) can afford to purchase 3 slices of pizza and 4 paperback novels?
a. Jack only
b. Diane only
c. both Jack and Diane
d. neither Jack nor Diane
a
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Which of the following is a result of a market economy?
A) voluntary exchange B) an equal income distribution C) agreement on equity D) environmental protection
Deflation is a situation in which the:
A. quantity of goods and services produced is decreasing over time. B. prices of most goods and services are rising over time. C. quantity of goods and services produced is increasing over time. D. prices of most goods and services are falling over time.
Intraindustry trade refers to
A) international trade in products made within the same industry. B) international trade in products made across different industries. C) trade that occurs as a result of comparative advantage. D) the exchange of dissimilar items.
According to the Principle of Increasing Opportunity Cost, in expanding the production of any good, we should start by utilizing the resources that:
A. have the highest opportunity cost. B. we have the most of. C. we have the least of. D. have the lowest opportunity cost.