Refer to the above table. The one who likes the good the most is
A. Dave.
B. Brook.
C. Kate.
D. uncertain since we cannot compare utility across people.
Answer: D
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Refer to Goods X and Y. How would a budget line be affected if income and both prices all simultaneously doubled?
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. It would shift out so that all quantities are doubled. b. It would shift in so that all quantities are halved. c. It would not be affected. d. The slope would be doubled.
Refer to Scenario 12.2. This scenario has the characteristics of what game structure?
A) prisoner's dilemma B) pure coordination C) chicken D) assurance
________ choose the quantities of goods and services to produce, while ________ choose the quantities of goods and services to buy
A) Households; firms B) Firms; households and the government C) The government; firms D) Firms; only households E) Households; the government
It is not possible for a country to experience
a. economic development without economic growth. b. economic growth without economic development. c. economic growth and economic development simultaneously. d. both (a) and (b) are correct.