If a college enforces a new policy where anyone caught cheating is immediately expelled, the basic postulate of economics suggests that
a. cheating will be completely eliminated.
b. fewer students will attempt to cheat.
c. the amount of cheating will be unaffected.
d. any of the above is possible because student behavior is unpredictable.
B
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When disposable income is $8 trillion, consumption expenditure is $5 trillion; when disposable income is $5 trillion, consumption expenditure is $3 trillion. The MPC is
A) (5 - 3 ) ÷ (8 - 5 ) = 0.667. B) (8 - 5 ) ÷ (5 - 3 ) = 1.333. C) (5/8 + 3/5 ) = 1.225. D) (5 + 3 ) ÷ (8 - 5 ) = 2.667. E) (5 + 3 ) ÷ (8 + 5 ) = 0.615.
Which cost curve is continually falling as output increases?
a. the average total cost curve b. the total cost curve c. the average variable cost curve d. the average fixed cost curve
The poorest regions in the world, as measured by GDP per capita, are:
A. Latin America and the Caribbean. B. the Middle East and North Africa. C. Sub-Saharan Africa and South Asia. D. Australia and New Zealand.
Relating to the Economics in Practice on page 253: Ethanol subsidies have increased the supply of corn, and ethanol is a fuel produced from corn. As a result, ________ farm land has increased. Further, supply of ________ has decreased.
A. supply of; corn B. demand for; other grains C. supply of; other grains D. demand for; corn