Courtney goes for an hour bike ride which yields a marginal utility of 8. She stops and gets an ice cream cone, and then rides her bike for another hour. We can say:
A. the utility gained from a second ice cream cone was more than a second hour of bike riding.
B. the utility gained from the ice cream was more than 8.
C. the utility gained from the ice cream was less than the second hour of bike riding.
D. the utility gained from a third hour of biking would be less than the utility gained from the one ice cream.
D. the utility gained from a third hour of biking would be less than the utility gained from the one ice cream.
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What will be an ideal response?
In a given year, a country's GDP = $3843, net factor payments from abroad = $191, taxes = $893, transfers received from the government = $422, interest payments on the government's debt = $366, consumption = $3661, and government purchases = $338
Calculate the values of private saving, government saving, and national saving.
If the producer of an information product engages in marginal cost pricing, it earns
A) a normal profit. B) an economic loss. C) zero economic profits. D) positive economic profits.
When deciding what to use as money, one characteristic to look for is the:
A. stability of value. B. shape. C. intrinsic value. D. exchange value