The U.S. sugar program:
A. decreases the domestic price of sugar.
B. requires import quotas or tariffs on foreign sugar.
C. increases the export earnings of other sugar-producing countries.
D. aids developing countries that produce sugar.
Answer: B
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Explain the statement "There is no such thing as a free lunch."
What will be an ideal response?
Which of the following is an implicit cost? i. wages paid to workers ii. the normal profit iii. the electric bill
A) i only B) ii only C) i and ii D) ii and iii E) Neither i, ii, nor iii
A consumer has $50 to spend. He has to decide between buying two goods: magazines priced at $5 each and DVDs priced at $10 each. Which of the following combinations of the two goods will exactly satisfy his budget constraint?
A) 3 magazines and 4 DVDs B) 2 magazines and 4 DVDs C) 6 magazines and 1 DVD D) 2 magazines and 2 DVDs
Exhibit 6-4 Total utility for multiplex tickets, video rentals, and popcorn Total Utilityfrom Multiplex Tickets Total Utilityfrom Video Rentals Total Utilityfrom Popcorn 1 movie (30 utils) 1 video (14 utils) 1 bag (8 utils) 2 movies (54 utils) 2 videos (24 utils) 2 bags (13 utils) 3 movies (72 utils) 3 videos (30 utils) 3 bags (15 utils) 4 movies (84 utils) 4 videos (32 utils) 4 bags (16 utils) In Exhibit 6-4, assume the Multiplex tickets cost $6 each, video rentals cost $2 each, and bags of popcorn cost $1 each. Suppose the consumer has $12 per week to spend on multiplex tickets, video rentals, and popcorn. What combination of goods will give the consumer the most utility?
A. 1 movie, 3 videos, and no popcorn. B. 1 movie, 2 videos, and 2 bags of popcorn. C. 1 movie, 1 video, and 4 bags of popcorn. D. 2 movies, no videos, and no bags of popcorn.