A budget line represents all combinations of bundles of two goods that give a consumer equal total utility
a. True
b. False
Indicate whether the statement is true or false
False
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In an oligopoly
A) there are only a few firms. B) there is no product differentiation. C) there is free entry and exit. D) firms' decisions are unrelated to each other.
Goodyear produces tires for automobiles, 50,000 in all. Suppose 40,000 go on new cars and are sold as part of each car, while the other 10,000 are produced as replacement tires and are sold individually. How many tires would be counted in current GDP?
a. 50,000 . because everything produced is counted b. 40,000 because only the ones on new cars are counted c. 10,000 because 40,000 will be counted in the value of the new cars d. 0 because they are all intermediate goods e. 10,000 because they are the only "final" goods and services in the total
Suppose that the government decided to increase interest rates in order to encourage saving. Would this likely lead to an increase in investment and higher future economic growth rates? Explain.
What will be an ideal response?
Table 10.2Table 10.2 contains price, demand, and cost data for the Capri Theater, the only first-run movie theater in a small town. What is its revenue from non-students under the single price policy?
A. $300 B. $360 C. $450 D. $540