You are considering whether you should go out to dinner at a restaurant with your friend. The meal is expected to cost you $50, you typically leave a 20% tip, and a round-trip Uber ride will cost you $15. You value the restaurant meal at $30 and the time spent with your friend at $50. You should ____ to dinner with your friend because the benefit of doing so is _____ than the cost.
A. go; less
B. go; greater
C. not go; less
D. not go; greater
Ans: B. go; greater
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Poorly defined property rights imply that _____
a. people can play their music as loud as they would like b. profit opportunities exist for entrepreneurs c. a Pareto optimum is still easily achieved d. people may be able to use resources without paying for them
Activities that interest groups undertake to secure special favors from government is called rent seeking
a. True b. False
If goods X and Y are complements, the
a. quantities demanded of X and Y tend to move in opposite directions. b. quantities demanded of X and Y tend to move in the same direction. c. prices of X and Y tend to move in the same direction. d. supply curves for X and Y tend to move in the same direction.
The U.S. Congress instituted a system of deposit insurance for banks in:
A. 1913. B. 1789. C. 1865. D. 1934.