Which of the following pairs best represents substitute goods?
a. hamburgers and hamburger rolls
b. hot dogs and hot dog rolls
c. veggie burgers and hamburger rolls
d. hot dogs and hamburger rolls
e. hamburgers and hot dogs
E
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Although GDP is not the same as economic well-being, high levels of GDP are positively correlated with all of the following except:
A. higher rates of literacy. B. higher rates of infant mortality. C. longer life expectancies. D. higher material standards of living.
When a transaction takes place repeatedly, then one way to signal to avoid information asymmetry is:
A. building a reputation. B. screening. C. statistical discrimination. D. Any of these could be true.
Bob and Mary each have a Ph.D. in economics. Bob has a job in private industry at which he earns $90,000 a year. Mary earns half that much as a college professor. Which of the following could not explain Mary's career choice?
a. She experiences diminishing marginal utility. b. She enjoys the flexibility of her schedule. c. She enjoys teaching. d. She enjoys the informal atmosphere of a college. e. She likes having her summers free to do research.
The optimal number of units to produce is best expressed when:
a. marginal benefit exceeds marginal cost b. marginal cost exceeds marginal benefit c. marginal benefit and marginal cost are close to equal d. both a and c