Prashanth decides to buy a $75 ticket to a particular New York professional hockey game
A. is relatively unappreciative of the arts.
B. obtains more marginal utility from the play than from the hockey game.
C. has a higher "marginal utility-to-price ratio" for the hockey game than for the play.
D. has recently attended several other Broadway plays.
Answer: C
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To help unscramble cause and effect, economists
A) use the concept of opportunity costs. B) must use the ceteris paribus assumption. C) answer the "what" question. D) answer the "how" question. E) must use normative statements.
Expansionary fiscal policy will most likely result in
A) a decrease in the money supply B) an increase in the marginal propensity to consume C) an increase in the nominal interest rates D) a decrease in the level of output E) a decrease in the price level