Georgia has a MU/P of 10 for tennis lessons, a MU/P of 6 for sewing lessons, and a U/P of 2 for cooking lessons. In order to maximize utility, she should:
a. take more cooking lessons.
b. take more sewing lessons.
c. take more tennis lessons.
d. stay with her current choices.
e. take fewer lessons of each choice.
c
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Which of the following is a component of the incomes approach to GDP?
A) consumption expenditure B) wages and salaries C) investment D) government expenditure on goods and services
When a good has many close substitutes available, it is likely to be:
A. less price elastic than are goods without close substitutes available. B. more price elastic than are goods with many complement goods available. C. less price elastic than are goods with many complement goods available. D. more price elastic than are goods without close substitutes available.
Macroeconomic models differ in ways that are hard to standardize.
Answer the following statement true (T) or false (F)
John has $40 to spend on pizza and tacos. Pizza costs $10 each and tacos are $1 per taco. John's real income ________
A) is $40 B) is 4 pizzas or 40 tacos C) is 4 pizzas plus 40 tacos D) depends only on his money wage