If Maria gets 80 utils from consuming five cookies, 100 utils from consuming six cookies, and 120 utils from consuming seven cookies, then Maria's marginal utility from the sixth cookie is:
A. 100 utils.
B. 80 utils.
C. 40 utils.
D. 20 utils.
Answer: D
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Which of the following statements is inconsistent with an elastic demand curve?
A. The relative change in quantity exceeds the relative change in price. B. Total revenues fall when prices rise. C. Buyers are relatively sensitive to price changes. D. The absolute value of the price elasticity of demand is less than 1.
If human capital was included in the measurement of wealth, the measurement of wealth would be
A) more equal and more accurate. B) more equal and less accurate. C) less equal and more accurate. D) less equal and less accurate.
Studies have shown that smoking cigarettes can cause heart disease. Assume this is true, and favorable weather has increased the tobacco harvest in North Carolina. In the market for cigarettes, these two developments would
A) increase demand and increase supply resulting in an increase in the equilibrium quantity and an uncertain effect on the equilibrium price of cigarettes. B) decrease demand and decrease supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of cigarettes. C) decrease demand and increase supply, resulting in a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of cigarettes. D) decrease demand and increase supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of cigarettes.
As a result of the government procurement policy in the U.S.:
a. the domestic consumers are required to pay a higher price than the government for the domestically produced goods. b. the government wields the sole authority of importing goods from abroad. c. the government wields the sole authority of exporting goods. d. the government is required to buy the domestic goods if the domestic price is less than the world price. e. the government is required to sponsor research and development for the domestic firms.