The net effect of savings of the asset substitution, induced retirement, and bequest effects combined is that people save ________they would have without Social Security.
A. slightly less than
B. the same as
C. more than
Answer: A
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Which of the following is NOT a factor of production?
A) mineral resources B) a university professor C) an apartment building D) 100 shares of Microsoft stock
Use the data in the table below to answer the following questions about a firm
Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0 25 0 $10 1 25 2 10 2 25 7 10 3 25 14 10 4 25 20 10 5 25 23 10 6 25 24 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.
The firm's expansion path records
a. profit-maximizing output choices for every possible price. b. cost-minimizing input choices for all possible output levels for when input prices expand along with production. c. cost-minimizing input choices for all possible output levels for a fixed set of input prices. d. cost-minimizing input choices for profit-maximizing output levels.
Figure 7.5
The consumer must decide how to split $20 between spending and saving.Refer to Figure 7.5. If the consumer uses cognition to offset present bias, he/she will consume ________ now and save ________ to maximize utility.
A. $12; $8 B. $18; $2 C. $12; $2 D. $0; $20