Which of the following statements about utility and preferences is false?
A) If Sidra prefers tea to coffee and coffee to hot chocolate, then she must prefer tea to hot chocolate.
B) If two individuals, Ingrid and Inez, each consume the same bundle of goods, then both Inez and Ingrid must receive the same utility from the bundle.
C) Utility cannot be compared across consumers.
D) Preferences can be ranked.
B
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The figure above shows the market for pants. If the production of the pants results in an external cost from pollution that is the result of the dye used, then
A) 6 million pairs is the efficient quantity. B) fewer than 6 million pairs is the efficient quantity. C) more than 6 million pairs is the efficient quantity. D) None of the above answers is necessarily correct because more information is needed about the size of the external cost. E) None of the above answers is correct because it is impossible to tell whether the external cost results in underproduction or overproduction.
The scientific method is
a. the use of modern technology to understand the way the world works. b. the use of controlled laboratory experiments to understand the way the world works. c. the dispassionate development and testing of theories about how the world works. d. the search for evidence to support preconceived theories about how the world works.