The real-nominal principle states that
A) what matters to people is the face value of money or income.
B) people respond more to explicit, or real, costs than to implicit costs.
C) people respond more to implicit costs than to explicit costs.
D) what matters to people is the purchasing power of money or income.
D
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The table above shows Tom's total utility from milkshakes and sodas. A milkshake costs $2.00. How much marginal utility per dollar would Tom get if he purchased the ninth milkshake?
A) 1728 units per dollar B) 20 units per dollar C) 10 units per dollar D) none of the above
In economics, the term "free market" refers to a market where no sales tax is imposed on products sold
Indicate whether the statement is true or false
Some countries have economies that are extremely market-oriented, while other countries have ___________ economies.
a. private b. textile c. command d. internal
Agreement of members of a group on a decision is called
a. concensus b. group think c. meetings d. consideration