A private good is characterized by excludability and depletability.
Answer the following statement true (T) or false (F)
True
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Computations of the price elasticity focus on the calculated magnitude due to of the law of demand.
Answer the following statement true (T) or false (F)
______ provisions in an insurance policy stipulate that it will pay only a certain percentage of losses claimed by the insured
a. Vigilance b. Co-payment c. Non-price exception d. Deductible
Which of the following will result in an outward shift of the production possibilities curve [PPC]?
a. A decrease in the quantity of resources b. An improvement in the quality of resources c. A fall in education standards d. An unsustainable growth in population e. An increase in unemployment rate
A student athlete loves cookies. He receives 200 utils for the first cookie, an additional 160 for the second, an additional 120 for the third, another 80 for the fourth, and another 40 for the fifth. The marginal utility of the fourth cookie is ________ and the total utility of consuming four cookies is ________.
A. 40; 40 B. 80; 560 C. 40; 80 D. 80; 600