The paradox of value refers to the fact that
A) different consumers value the same items differently.
B) the value of a good depends on its total utility.
C) water costs little, while diamonds cost a lot.
D) water brings little consumer surplus.
Question 2
Over the past decade, the incomes of the top 1 percent have increased disproportionately higher than that of the middle class. These changes mean that the Lorenz curve moved ________ the 45 degree line and the Gini ratio has ________.
A) closer to; decreased
B) closer to; increased
C) further away from; decreased
D) further away from; increased
The heavily worn, and sometimes cutmarked, anterior teeth of Neadertals suggest that these teeth wer
A William Jennings Bryan poster alludes to religion: “no crown of thorns” and no “cross of gold.” Br
Sample Items from the Brief Multidimensional Measure of Religiousness/Spirituality (BMMRS)
Draw an Edgeworth box for two consumers over two goods
5. Social contract theorists believe that the social contract is/was a historical fact. ...
There are four hospitals (consumers in this example) willing to pay the following amounts for a ...