By how much did the Doha round of negotiations increase the world economy per year?
a. $100 to $150 billion
b. $150 to $200 billion
c. $200 to $250 billion
d. $165 to $385 billion
d. $165 to $385 billion
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The concept of inferior goods can be used to show that
A) lower prices signal poorer quality. B) indifference curves can have positive slopes. C) being able to consume more of all goods does not mean that a person will consume more of every good. D) consumers will always buy more of all products if their incomes increase.
Financial instruments with high information costs
A) will usually be more liquid than similar instruments with low information costs. B) will have lower yields than U.S. Treasury securities. C) may not be offered for sale in some states. D) will have lower prices than similar instruments with low information costs.
A decrease in business taxes will most likely result in a(n):
a. Decrease in aggregate demand and increase in aggregate supply b. Decrease in aggregate demand and aggregate supply c. Increase in aggregate demand and aggregate supply d. Increase in aggregate demand and decrease in aggregate supply
The price of one piece of pizza is $2 and the price of movies is $4. The consumer has $14 of income. The consumer is purchasing 3 pieces of pizza and receiving 20 utils for the last piece. He is also purchasing 2 movies and receiving 40 utils for the last movie. This set of goods
A. is an optimum since the entire income is spent and the marginal utility per dollar spent is the same for the last unit of each good. B. is not an optimum because the marginal utility per dollar spent is greater for pizza than for movies. C. is an optimum since the entire income is spent and total utility is minimized. D. is not an optimum because the consumer has not spent all of his money.