You're buying snacks for an Econ Club meeting. You've been given $100 to spend on chips and soda. If bags of chips cost $3 each and soda costs $1 each and you spend as much of your money as possible on chips, how many chips and sodas will you have for the meeting?
A. 33 bags of chips, 0 soda
B. 33 bags of chips, 1 soda
C. 34 bags of chips, 1 soda
D. 34 bags of chips, 2 sodas
Answer: B
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If a monopolistically competitive firm's marginal cost curve shifts upward, then the amount of output it produces
A) increases. B) stays the same. C) decreases. D) could increase, decrease, or stay the same but more information is needed.
Which of the following is an argument for globalization?
a. Poor countries compete for multinational firms by allowing lax environmental standards. b. Multinational firms tend to pay lower wages than local firms. c. The benefits of globalization to all consumers greatly outweigh the loss of jobs to international competition. d. Removal of restrictions against agricultural products would cause workers in rich countries to lose their jobs. e. The increased integration of the world's economies has been associated with lax environmental and labor standards in most countries.
Which of the following is an example of income?
a. labor b. rent c. capital d. land
Answer the following questions true (T) or false (F)
1. Marginal benefit is the benefit that your activity provides to someone else. 2. If it costs Vijay $150 to design 5 Web sites and $175 to design 6 Web sites, then $175 is the marginal cost of producing the 6th Web site. 3. Suppose the extra cost for a municipality to enact a "no texting while driving" law is $15,000 per year. Then, the municipality should enact the law if it receives a total benefit from all of its traffic laws of $15,000 per year.