A ten-year-old boy spent his allowance on a soccer ball and a baseball glove. He said he could not be happier buying anything else. The price of the ball was $5, while the price of the glove was $10 . If the marginal utility he received from the ball was 15 utils, then:
a. the marginal utility he received from expenditure on the glove was 3 utils.
b. the marginal utility he received from expenditure on the glove was 30 utils.
c. the total utility per dollar he received from expenditure on the glove was 3 utils.
d. the total utility per dollar he received from expenditure on the glove was 10 utils.
e. the marginal utility he received from the expenditure of the glove was 10 utils
b
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The descriptions give the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.1. Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month.2. George works in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in several months when national economic conditions improve.3. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defense spending. She has been looking for similar work for a year, but no company seems interested in her aircraft design skills.4. Ricardo lost his job last year when his company downsized and laid off
middle-level managers. He tried to find another job for a year but was unsuccessful and quit looking for work.Refer to the above information. Which individual is not in the labor force? A. None of these individuals are in the labor force. B. 2 only. C. 3 only. D. 4 only.
The demand schedule reports the quantity demanded at
A. a zero price. B. many different prices. C. the average of all prices. D. the market equilibrium price.