Which is the most likely estimate for the marginal utility of the sixth hamburger?
a. 10
b. 8
c. 6
d. 2
c. 6
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The production function Y = AKbN1-b written in terms of growth rates is
A) y = a - bk - (1 - b)n. B) y = a + bk + (1 - b)n. C) y = a - bk + (1 - b)n. D) y = a + bk - (1 +b)n.
Which of the following characteristics does perfect competition share with monopolistic competition?
a. price-taking firms b. zero long-run economic profit c. homogeneous product d. some barriers to entry e. economies of scale in production
The Gini co-efficient is the:
a. area between the Lorenz curve and the vertical axis divided by the area under the Lorenz curve. b. area between the Lorenz curve and the horizontal axis divided by the area above the Lorenz curve. c. area between the Lorenz curve and the line of perfect equality divided by the total area under the line of income equality. d. area between the Lorenz curve and the line of perfect equality divided by the total area above the line of perfect equality. e. area between the line of perfect equality and the horizontal axis divided by the area between the Lorenz curve and the horizontal axis.
Macroeconomics often relies on microeconomic analysis because
A. microeconomics is older than macroeconomics. B. microeconomic theory can be tested and macroeconomic theory cannot be tested. C. the effects of macroeconomic subjects such as inflation and unemployment are independent of individual consumers and firms. D. all aggregates are made up of individuals and firms.