In the above table, the average product of three workers is
A) 1.
B) 2.
C) 3.
D) 4.
D
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Suppose that Arnold spends all his income on bratwursts and piano lessons and his marginal utility per dollar on bratwursts is lower than that on piano lessons. Is Arnold maximizing his utility? Why or why not?
What will be an ideal response?
Sometimes, when goods are produced and consumed, side effects are felt by people who are not directly involved in the market exchanges. In general, these side effects are called
A. Coase effects. B. externalities. C. public goods. D. internalities. E. none of the above
In Keynes's liquidity preference framework, individuals are assumed to hold their wealth in two forms
A) real assets and financial assets. B) stocks and bonds. C) money and bonds. D) money and gold.
What is the opportunity cost of going from point C to point D?
