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Unformatted text preview: Chocolate is initially a bad but then becomes a good
D) Scotch and chocolate are both bads
Total Utility utility
100. The fact that children starve in market economies proves that the market can fail
B) False Version 1 Page 21 Q 101. George sneaks up behind Mabel and kisses her, making himself better off and Mabel
worse off. If he had to, George would have paid $50 for the opportunity to sneak up and
kiss Mabel. Mabel hates George but would have let him kiss her for $75. The kiss is
A) Not enough information to tell whether the kiss is efficiency increasing or
B) Efficiency increasing
C) Efficiency decreasing if it would have been the other way around and george would have paid $75 and
would have accepted $50, it would have been efficiency increasing extra Opp Cost Problem:
# Produced in a Day
Venezuela OCcanada Cars: 3/2 bikes
OCvenezuela cars: 1/3 bikes VS
# of hours to produce
Venezuela bikes 1
5 OCcanada cars: 1...
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This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.
- Fall '07