Refer to the information provided in Figure 6.8 below to answer the question(s) that follow.
Figure 6.8Refer to Figure 6.8. The total utility of the three movies is ________ and the marginal utility of the third movie is ________.
A. 25; 10
B. 15; 0
C. 28; 3
D. 0; 0
Answer: C
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Suppose that the unemployment rate equals 4.5 percent and that the natural unemployment rate is 5.5 percent. We can conclude that
A) the output gap is negative. B) the output gap equals zero. C) the output gap is positive. D) we have mismeasured the natural unemployment rate.
What factors determine the differences in salaries, wages, and income that we observe?
What will be an ideal response?
Tastes for products such as beer differ. As a result
A) consumers of beer have difficulty deciding what type of imported beer to buy. B) the quality of imported beer is less than it could be. C) we see countries specializing completely in the production of beer. D) different countries may each have a comparative advantage in producing different types of beer.
Refer to Figure 9-3. What is the area that represents the deadweight loss as a result of the quota?
A) E + M B) G + H C) G + H + I + J D) E + I + J + M