Marginal utility of the second slice of pizza you eat is larger than the marginal utility of the first slice of pizza you eat.
a. true
b. false
b. false
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Refer to the table above. If countries were to trade along the lines of absolute advantage
A) A would export X to B. B) B would import Y from A. C) neither country would want to trade. D) More information is needed to determine the pattern.
In 1980, the price of a gallon of gasoline was $1.25 . The Consumer Price Index was 82.4 in 1980 compared to 215.3 in 2008 (1983 - 1984 = 100). Measured in 2008 dollars, the price of gasoline in 1980 was
a. $0.56. b. $1.25. c. $2.37. d. $3.27.
Suppose all firms in a perfectly competitive industry are earning an economic profit. One would expect that, over time, the number of firms in the industry will ________ and the market price will ________.
A. rise; rise B. rise; stay the same C. rise; fall D. fall; rise
Figure 11-2
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Which graph in Figure 11-2 best reflects a Keynesian view of the impact of a $500-per-person tax cut?
A. 1 B. 2 C. 3 D. 4