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Which deal here is mutually beneficial for both countries to specialize and trade?
1 wheat for 0.25 cloth
1 cloth for 5 wheat
1.8 wheat for 0.4 cloth
1 cloth for 1.5 wheat
1 wheat for 3 cloth
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B
C
D
E
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What would be Sarah's total utility of consuming 2 pizzas and 5 music downloads?
Given Sarah's budget is $24, pizza is $4 and a music download is $2. If each util is a dollar, what is her consumer surplus for 3 pizzas and 2 music downloads?
Given Sarah's budget is $24, pizza is $4 and a music download is $2. What is her utilimaximizing combination? (pizzas, music downloads)
What is James' economic cost for staying home with his sick son?
Which of these statements about the economic laws is False?
The Law of Supply says decreasing the price of the product also decreases the amount of products that consumers buy.
The Law of Diminishing Marginal Utility explains why the Law of Demand holds true.
The Law of Increasing Cost states that producing a good required that the nation sacrifices more of another good.
The Law of Demand is the reason why the demand curve is normally downward sloping.
Law of Diminishing Marginal Utility says consumers will enjoy less of a product the more of it that they consume.
Which of these statements about economic systems is TRUE?
Prices are determined by the government in a free market system.
What to produce, how to produce and for whom to produce are questions answered by firms and household in command economy
Command economy tends to be more allocatively and productive efficient than free market systems.
Free market economies have more equitable societies than command economies.
Command economies sacrifice innovation and specialized division of labor in order to ensure more people are employed.
The increase in the price of a substitute good in production will
increase the total revenue if demand is inelastic.
decrease both equilibrium price and equilibrium quantity.
make the demand curve shift to the right.
make the supply curve shift to the right.
decrease the income elasticity if the good is inferior.