If the marginal utilities of the first 5 candy bars are 15, 14, 10, 7, and 3, respectively, the total utility derived from consuming all 5 candy bars is
a. 5
b. –12
c. 12
d. 35
e. 49
E
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A) an estimate. B) a formula that gives an efficient guess of the true population value. C) a random variable. D) a nonrandom number.
In the short run, the horizontal sum of all of the marginal cost curves (above minimum average variable cost) of individual firms in a competitive market defines the
a. average variable cost curve b. market demand curve c. market supply curve d. average total cost curve e. total quantity demanded
According to Richard Baldwin, studies indicating massive increases in trade resulting from currency unions are:
A) biased because of use of data from rich countries. B) generally applicable to the euro. C) underestimating the impact of the euro on intra-European Union trade. D) not the result of lowering the transaction costs for trade within the euro area.
The Social Security Fund is designed as
A) a pay-as-you-go system. B) an investment portfolio that individual contributors can make periodic payments into. C) an account that allows periodic withdrawals by contributors. D) an individual account with a federal reserve bank.