Given the price of a good or service, what determines how much a person is willing to pay for that good or service?
A) marginal utility
B) total utility
C) the substitution effect
D) average utility
Answer: A
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In a small European country, it is estimated that changing the level of capital from $8 million to $10 million will increase real GDP from $2 million to $3 million
If the number of hours worked in the labor force does not change, what does this information tell you about the slope of the per-worker production function in this range? A) The slope is -2. B) The slope is 1/2. C) The slope is 2. D) The slope is 4.
Unemployment insurance is:
A. offered by companies as a way to affect the level of frictional unemployment. B. offered by the government as a way to affect the level of seasonal unemployment. C. money that is paid by the government to people who are unemployed. D. All of these are true.
Suppose that each serving of Mac & Cheese costs $0.50 to make no matter how many servings are produced. This means that the price elasticity of supply for Mac & Cheese is ________ and the supply curve is ________.
A. infinite; perfectly elastic B. zero; perfectly elastic C. infinite; perfectly inelastic D. one; perfectly inelastic
A decrease in the price of bubble gum below equilibrium will
A. Cause a surplus of bubble gum. B. Shift the bubble gum demand curve to the right. C. Shift the bubble gum supply curve to the right. D. Cause a shortage of bubble gum.