If a consumer purchases a combination of commodities a and b such that MUa/Pa = 50 and MUb/Pb = 30, to maximize utility, the consumer should buy:
a. less of both a and b
b. more of both a and b
c. more of a and less of b
d. less of a and more of b
c. more of a and less of b
Economics
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Urban traffic moves as effectively as it does because
A) all drivers have the same attitudes regarding courtesy, safety, and speed. B) drivers are usually concentrating intently on their own narrow goals. C) insurance does not cover all the costs of an accident. D) drivers take other drivers' specific goals and interests into account. E) police are able to enforce the city's traffic plan.
Economics
GDP is not a perfect measure of well-being because
A) the value of leisure is included in GDP. B) GDP is adjusted for increases in drug addiction. C) GDP is not adjusted for pollution. D) GDP is adjusted for changes in crime rates.
Economics