From the information in the above table, what is the marginal utility of the third quart of ice cream?
A) 80
B) 70
C) 60
D) 230
C
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The prices of the products in the World War II POW camps, measured in terms of cigarettes, reflected the products'
A) practicality. B) costs of production. C) scarcity. D) retail prices.
If the nominal gross domestic product (GDP) for a year is $5.4 trillion, and the real gross domestic product (GDP) for the same year is $3.6 trillion, the GDP price index is _____
a. 0.667 b. 150 c. 66.67 d. 50 e. 33.33
If the price of labor goes up and a firm replaces some workers with more machines, this is the _______ effect; when the price of a resource declines, and consequently the level of production rises, this is the _______ effect.
Fill in the blank(s) with the appropriate word(s).
Public choice economists use models that focus on economic incentives as applied to politicians.
Answer the following statement true (T) or false (F)