On a big weekend of college football in 2010, the Associated Press found fans… who said they are making concessions yet determined to indulge their passion
"We basically let the wife and children not eat for a week so we can do this," joked Neil Plotkin, who was attending his first Penn State game. If Neil's marginal rate of substitution between weeks of food and his first Penn State game is 1, what do you predict the marginal rate of substitution between food and subsequent Penn State games is for Neil? A) less than one
B) greater than one
C) equal to one
D) cannot determine without knowing Neil's income
A
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Medicare and Medicaid have eliminated the financial burden of health care for the elderly
Indicate whether the statement is true or false
False advertising ________ likely to be successful with tickets on a new airline because the tickets are an ________ good.
A) is not; inspection B) is; experience C) is; inspection D) is not; experience
The government imposing a minimum wage is an example of an attempt to:
A. correct a market failure. B. redistribute surplus in a market. C. encourage the consumption of inferior goods. D. discourage the consumption of inferior goods.
Shifting resources away from producing one good in order to produce another is an example of
a. Unlimited resources b. Limited wants c. Opportunity cost d. None of the above