Economics is the study of
A. how to invest in the stock market.
B. the role of money in markets.
C. how government officials decide which goods and services are produced.
D. how society uses limited resources.
Answer: D
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A household survey is used to calculate
A) the unemployment rate. B) the level of payroll employment. C) both the unemployment rate and the level of payroll employment. D) neither the unemployment rate nor the level of payroll employment.
A progressive tax means the percentage of income paid as taxes:
a. increases as income increases. b. decreases as income increases. c. remains the same as income increases. d. none of these.
The father of modern economics who wrote The Wealth of Nations is:
A. Karl Marx B. John Maynard Keynes C. Adam Smith D. Thorstein Veblen
Exhibit 6-4 Total utility for multiplex tickets, video rentals, and popcorn Total Utilityfrom Multiplex Tickets Total Utilityfrom Video Rentals Total Utilityfrom Popcorn 1 movie (30 utils) 1 video (14 utils) 1 bag (8 utils) 2 movies (54 utils) 2 videos (24 utils) 2 bags (13 utils) 3 movies (72 utils) 3 videos (30 utils) 3 bags (15 utils) 4 movies (84 utils) 4 videos (32 utils) 4 bags (16 utils) In Exhibit 6-4, assume the Multiplex tickets cost $6 each, video rentals cost $2 each, and bags of popcorn cost $1 each. Suppose the consumer has $12 per week to spend on multiplex tickets, video rentals, and popcorn. In the consumer equilibrium, what is the marginal utility per dollar for each of the three goods?
A. 5 utils per dollar. B. 9 utils per dollar. C. 13 utils per dollar. D. 22 utils per dollar.