Suppose a new freshman enters State U with the objective of having lots of fun while getting good grades. Suppose that Friday and Saturday night offer the best/most efficient times for having fun and the day time offers the best time for studying. She should
a. study every single waking hour.
b. party every single waking hour.
c. assume there is no tradeoff between fun and grades.
d. assume there is a constant tradeoff between fun and grades.
e. assume there is a tradeoff between fun and grades that reflects increasing opportunity cost.
E
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A consumer has $50 to spend. He has to decide between buying two goods: magazines priced at $5 each and DVDs priced at $10 each. Which of the following combinations of the two goods will exactly satisfy his budget constraint?
A) 3 magazines and 4 DVDs B) 2 magazines and 4 DVDs C) 6 magazines and 1 DVD D) 2 magazines and 2 DVDs
In economics the term utility refers to
a. the subjective benefit or satisfaction a person expects to receive from a choice or course of action. b. the number of possible uses for a resource. c. the fact that human desire for goods is unlimited while the resources available to meet those desires is limited. d. the highest valued alternative that must be sacrificed when a choice is made.