If real GDP in year 1 is $72 million and real GDP in year 2 is $87 million, then the growth rate of real GDP is

As an economic concept, scarcity applies to

A) both money and time. B) money but not time. C) time but not money. D) neither time nor money.

Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound and bananas cost $1 per pound. The marginal utility is 30 for the last pound of mangos purchased and 8 for the last pound of bananas

To maximize his utility, Robinson should buy A) more mangos and fewer bananas. B) more bananas and fewer mangos. C) the present combination of goods. D) only bananas.