Increasing investment in the present means forgoing future consumption.
Indicate whether the statement is true or false
Answer: False
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Smoothies cost $0.20 per ounce. Suppose that after a jog you usually buy an 8 ounce fresh fruit smoothie at your neighborhood juice bar. You recently won a discount coupon in a fund-raiser, which allows you to buy smoothies for $0.15 per ounce. Now after you jog you buy the 15 ounce size of smoothie. Which of the following are consistent with this information?
a. You get more utility from the 8 ounce smoothie than from the 15 ounce smoothie. b. You experience diminishing marginal utility for each ounce of smoothie you consume. c. You have an upward-sloping demand for smoothies. d. You have an inelastic demand for smoothie.
A ______ economy is an economy where government and the private sector together determine the allocation of resources.
a. traditional b. command c. mixed d. market