If you receive €18 worth of pleasure from the first hole of golf played and your additional pleasure from succeeding holes drops €1 for each hole played, if the cost per hole is zero, how many holes of golf will you play?
32.If you receive €18 worth of pleasure from the first hole of golf played and your additional pleasure from succeeding holes drops €1 for each hole played. You must pay €25 up front to get on the course but you can then play as many holes as you like for the day without any further charge. How many holes of golf will you play?
D. As many holes as can be played from dawn until dusk
33.Suppose the first hour of study today will allow you to answer 10 correct questions in tomorrow's exam. After the first hour, the marginal benefit of each additional hour of study is reduced by 2 (meaning if you study 2 hours today your total number of correct responses tomorrow will be 18 and if you study 3 hours it will be 24 and so on). If the costs of studying each additional hour are zero, how many hours you should study?
34.The marginal benefit of a typical activity:
A. increases as long as the activity has any value to you.
B. decreases as you do more of the activity.
C. stays the same if the cost of doing the activity stays the same.
D. can never be negative.
35.If the benefits of X = €100 and the price of X = €50, then:
A. €100 is the reservation price
B. You will be indifferent between buying X and keeping your money
C. €0 is the reservation price
D. You should not buy X
36.You have just won a ticket to see John Mayer in concert this Saturday evening. Nevertheless, it would cost you around €20 in transportation costs to go to the concert since you would have to drive to the neighbouring city (where the concert is taking place). Tickets for the concert are selling for €100 in your town. Assuming you only work Monday-Friday, the cost of going to the concert is:
37.You are in the line to go see a movie when you suddenly realized you have lost your ticket. It would cost you €10 to buy a new ticket. Now you are deciding whether to buy a new ticket or not. Assuming you have enough money to buy a new ticket, you would always buy the new ticket as long as:
A. your reservation price for it is equal or larger than €10
B. the new ticket is free.
C. your reservation price for it is equal or larger than €20
D. the new ticket is less expensive than the first
38.Which of the following statements could be considered a normative statement?
A. Rent support is a good way to help low-income people afford housing.
B. Rent support allows low-income people to buy more housing.
C. Most low-income people use rent support to rent housing
D. A large portion of the government budget is used to provide rent support to low-income people.
39.You recently took the car to the mechanic to fix its engine. The mechanic had quoted you a total price for the work of €1000, and you had decided to go ahead with the work. Nevertheless, when you go to pick up the car he tells you that in order to complete the job he needs to buy another part adding about €200 extra to the cost of fixing the car. According to the cost-benefit rule you should pay the extra money to finish the job only if the benefits of using the car are greater or equal to:
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