Claire has just eaten her second bowl of cereal. We can say:
A. her third bowl will likely decrease her total utility.
B. her second bowl likely reduced her total utility.
C. her second bowl likely added less to her total utility than the first.
D. her third bowl will likely increase her total utility by at least as much as the second.
Answer: C
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If food is on the vertical axis and shelter on the horizontal axis, then the equation for the budget line can be expressed as
A. M/Ps = S. B. PsS + PfF = M. C. PsS + PfM = S. D. PsF + PfS = M.
In the federal penitentiary at Lompoc, California, inmates used packages of mackerel to buy items such as haircuts at the prison barber shop and laundry services. What function do these packages of mackerel serve?
A) They functioned as money. B) They served as a corruption deterrent. C) They enabled prison officers to monitor illegal money flows. D) They forced prisoners to engage in barter.
In the figure below, we see an expansion of the production-possibility curve (from PPC1 to PPC2). The two goods produced are wheat and cloth, which are land-intensive and labor-intensive, respectively. The outward shift of the production-possibility curve is likely the result of
A. a fall in the average cost of producing cloth. B. an increase in the national amount of usable land, the size of the labor force remaining unchanged. C. an increase in the size of the labor force, the area under cultivation remaining unchanged. D. an increase in the price of cloth.
An increase in the nominal interest rate, other things constant, will _____
Fill in the blank(s) with the appropriate word(s).