A. $4 or less. B. $3.90 or less. C. $3.50 or less. D. $3.40 or less
A. $1 or less.
B. $.75 or less.
C. $1.75 or less.
D. $2 or less.
Answer: B
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If one dollar exchanges for 20 Thailand baht, then:
a. a baht is worth $20. b. $20 will exchange for one baht. c. a baht is worth $2. d. the United States and Thailand would not engage in trade. e. a baht is worth a nickel.
Given the inverse demand function P(Q) = 250 - Q, what is the demand function?
A. Qd = D(P) = 250 - P B. Qd = D(P) = 250/P C. Qd = D(P) = P + 250 D. Qd = D(P) = 250 + P
The productivity speed-up in the United States began in the
a. mid 1970s. b. mid 1980s. c. mid 1990s. d. beginning of 2001.
In spending all his income on beer and pizza, Fred finds that the marginal utility of the last pizza he consumed is 8, and the marginal utility of the last bottle of beer is 4. The price of a bottle of beer is $1.50. If Fred has maximized his utility, the price of pizza must be:
A. $0.75 B. $1.00 C. $3.00 D. $4.50