Your marginal utility from a hamburger
A) is always greater than your total utility from hamburgers.
B) is always greater than your average utility from a hamburger.
C) is always greater than the price of a hamburger.
D) depends on how many hamburgers you've already eaten.
D
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The dividend earned by a domestic resident on a stock owned in a foreign company is an example of a(n) ________
A) import by the domestic resident B) factor payment received from foreigners C) transfer payment received from foreigners D) export by the domestic resident
In the economic way of thinking, private property rights provide people with
A) rules of the game. B) dependable information. C) incentives. D) none of the above. E) all of the above.
Let's assume that two countries have imposed high tariffs on each other's products and services to the point where all trade between the two countries has disappeared
Assume a newly elected member of parliament in one of the countries makes a proposal for unilateral tariff reduction regardless of whether the other country wishes to follow suit. Explain why such a policy change would actually be a good idea.
Assume a price floor is imposed at the current equilibrium price in the market for lettuce. If the demand for lettuce then increases: a. a surplus of lettuce will be created
b. a shortage of lettuce will be created. c. the quantity of lettuce traded remains the same. d. the quantity of lettuce supplied will increase.