A piece of land is divided between John and Mary. However, only John gets the title to his share of land. Which of the following is true?
a. Both Mary and John will not take care of their lands.
b. Mary will have a higher per capita output from her piece of land.
c. John will not be able to rent out a portion of his land.
d. Mary will have a greater incentive than John to invest in her piece of land.
e. John will be able to use his land as collateral for a loan from a bank.
e
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When purchases of tennis socks decline following an increase in the price of tennis sneakers (other things remaining equal), the relationship between these two items can be described as
A) substitutable. B) complementary. C) unique. D) ordinary.
If a consumer is indifferent between 5 units of A and 8 units of B, then the consumer would:
a. also be indifferent between 4 units of A and 9 units of B. b. also be indifferent between 8 units of A and 5 units of B. c. prefer 6 units of A and 8 units of B. d. give up 1 unit of A if he/she could acquire 2 units of B. e. not trade product A in exchange for any units of product B.