Refer to Table 1-6. What is Ivan's marginal cost if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $25 D) $91.67
C
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Refer to the figure above. What is the domestic production of calculators in Barylia, once the economy opens up to free trade?
A) 10 units B) 30 units C) 60 units D) 100 units
Which of the following statement is true?
a. The demand for Cheerios is less elastic than the demand for cereal b. The demand for gas is more elastic in the short-run than in the long-run c. The demand for puma shoes is more elastic than the demand for shoes d. Products with many complements have a more elastic demand
The money in circulation today in the U.S. economy is fiat money
Indicate whether the statement is true or false
Adam Smith's diamond-water puzzle
a. can be resolved by distinguishing between marginal and total utility. b. occurs because diamonds have no utility. c. occurs because scarcity increases total utility. d. will likely never be resolved with existing economic tools.