Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36
A) Walter will receive $4 of consumer surplus from buying one ticket.
B) Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket.
C) Violet and Walter will each buy two tickets.
D) Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets.
A
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Since 1997, the labor force participation rate for women in the United States has
A) decreased more than 20 percent. B) increased more than 10 percent. C) remained virtually constant. D) equaled the participation rate for men.
Normative economics often takes a consequentialist philosophical approach to determine whether a policy is good. ?
Answer the following statement true (T) or false (F)
Pursuing comparative advantage means
A) adding up the plusses and minuses after a transaction. B) doing it to the other person first. C) making equal, fair exchanges for equally valued goods or services. D) sacrificing something less valuable for the sake of something more valuable. E) seeking relative status rather than absolute welfare.
Refer to the scenario above. If Frank discounts delayed utilities with a weight of 1/4, then which of the following statements is true?
A) He will consume both hotdogs and ice cream. B) He will avoid consuming both hotdogs and ice cream. C) He will consume ice cream but will avoid consuming hotdogs. D) He will consume hotdogs but will avoid consuming ice cream.