If all disposable income is spent, personal saving will equal zero.
Answer the following statement true (T) or false (F)
True
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Maria wishes to buy gasoline and have her car washed. She finds that if she buys 9 gallons of gasoline at $2.50 per gallon, the car wash costs $2, but if she buys 10 gallons of gasoline, the car wash is free. For Maria, the marginal cost of the tenth gallon of gasoline is
a. zero. b. 50 cents. c. $2.00. d. $2.50.
The willingness to pay of buyers' in a market:
A. explains why the demand curve is bowed-out. B. is represented by the supply curve. C. explains why the demand curve is bowed-in. D. is represented by the demand curve.
When we have an optimum resource mix for the firm,
A. the MRP of land = the price of land. B. the MPP of land = the price of land. C. Both choices are true. D. Neither of the choices are true.
The following payoff matrix shows the outcomes for the United States and Russia from relying on conventional weapons versus atomic weapons in a military conflict. The percentages refer to the fraction of the population that would die.
The Nash equilibrium outcome of this game is for:
A. both countries to have conventional weapons. B. both countries to have atomic weapons. C. the U.S. to have atomic weapons and Russia to have conventional weapons. D. Russia to have atomic weapons and the U.S. to have conventional weapons.