If a consumer purchases a combination of commodities a and b such that MUa/Pa = 50 and MUb/Pb = 30, to maximize utility, the consumer should buy:
a. less of both a and b
b. more of both a and b
c. more of a and less of b
d. less of a and more of b
c. more of a and less of b
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The spot rate is the rate at which foreign currencies will be exchanged a specified number of days in the future
Indicate whether the statement is true or false
When a country's labor market is in equilibrium in the specific factors model, the wage rate
A) will be the same in both sectors. B) will be higher in the export-competing sector. C) will be higher in the import-competing sector. D) will be higher in the sector where product price is higher. E) will be higher in the sector where product price is lower.
In 2004, an example of cashless society is
A) U.S.S. Harry S. Truman. B) United States. C) Japan. D) U.S. Universities.
The consumption of a club good like cable television: a. is nonexcludable and nonrivalrous. b. is excludable and rivalrous
c. is excludable and nonrivalrous. d. is nonexcludable and rivalrous. e. gives rise to the free rider problem.