If Joshua gets 200 utils from consuming three slices of pizza, 220 utils from consuming four slices of pizza, and 230 utils from consuming five slices of pizza, then Joshua's marginal utility from the fifth slice of pizza is:
A. 230 utils.
B. 30 utils.
C. 20 utils.
D. 10 utils.
Answer: D
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Assuming one can derive a correct input-output table, are there still any reasons to prefer the market to central planning?
The wage rate is
A. Not related to labor supply because people must work to survive. B. The payment for labor. C. Not related to the value of leisure because people need to relax. D. The opportunity cost of labor.
Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. Suppose Leo earns $10. He will lose ________ from each benefit, for a total loss of ________.
A. $.75; $1.00 B. $7.50; $15.00 C. $7.50; $7.50 D. $.75; $1.50
Refer to Scenario 7.4 below to answer the question(s) that follow.SCENARIO 7.4: You own and are the only employee of a company that sells custom embroidered pet sweaters. Last year your total revenue was $120,000. Your costs for equipment, rent, and supplies were $30,000. To start this business you invested an amount of your own capital that could pay you a $50,000 a year return.Refer to Scenario 7.4. A yearly normal return for your company would be
A. $40,000. B. $50,000. C. $70,000. D. $90,000.