(Consider This) Payout rates for state lotteries:
A. are considerably lower than payout rates from casinos.
B. are considerably higher than payout rates from casinos.
C. are roughly equal to the payout rates from casinos.
D. cannot be compared with casino payout rates because states do not typically disclose their
payout rates.
Answer: A
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Bobby spends $100 per month on pizza and CDs. His utility from these goods is shown in the table above. The price of a pizza is $10 and the price of a CD is $20. Bobby currently buys 2 pizzas and 6 CDs
To maximize his utility in the next period, he should A) buy more pizza and fewer CDs. B) buy more CDs and fewer pizza. C) buy more of both goods. D) stay with the current combination of goods.
An increasing-cost industry is the result of:
A. higher resource prices that occur as the industry expands. B. a change in the industry's minimum efficient scale. C. X-inefficiency. D. the law of diminishing returns.