The "marginal rate of substitution" between two goods is measured by:
A) the ratio of the market prices of the two goods.
B) the number of units of a good consumed divided by the market price of the other good.
C) the number of units of one good a consumer would give up to consume one more unit of another good, while holding total utility constant.
D) the consumer's budget constraint divided by the price of each good.
C
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Which of the following is (are) price discrimination?
i. charging different prices based on differences in production cost ii. charging business flyers a higher airfare than tourists iii. charging more for the first pizza than the second A) i only B) ii only C) ii and iii D) i and iii E) i, ii, and iii
Which of the following is most important in determining the number of jobs in an economy?
A) Macroeconomic policies B) Trade policies C) Urban policies D) Environmental policies E) Tax policies
The following is NOT an example of a potential monitoring solution to moral hazard
a. blocking social network sites on company computers b. closed circuit TVs throughout a warehouse c. GPS tracking devices in repair trucks d. requiring physicians to be 'board certified'
Which of the following is included in the calculation of GDP?
a. The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country. b. The purchase of a new edition of a foreign textbook that was produced in a different nation. c. The purchase of ink and paper supplies by a textbook company for the production of new textbooks. d. The purchase of a used textbook from a friend who took the same class last year.