A consumer will maximize utility, given income and prices, when the marginal rate of substitution is equal to the ratio of the prices of the two goods

Public goods are usually provided by:

a. private industry. b. the government. c. private citizens. d. internal markets e. local industry.

If the opportunity cost of producing cheese is higher in Greece than in Italy,

a. Greece should specialize in producing cheese b. Italy should specialize in producing cheese c. both Greece and Italy should produce cheese but Italy should still export cheese to Greece d. Greece gives up fewer goods to produce cheese than Italy does e. both Greece and Italy should produce cheese but Greece should still export cheese to Italy