Thinking about the total utility gained from the consumption of a typical good, we can say in general that:
A. total utility will rise, peak, and then decline as more and more units are consumed.
B. consuming more and more units of a good will eventually cause marginal utility to increase
C. total utility increases by decreasing amounts, until it is maximized. Then it declines.
D. total utility is maximized where the marginal utility is greatest.
A. total utility will rise, peak, and then decline as more and more units are consumed.
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If the wage rate increases, there is an increase in the quantity of labor supplied. This means the labor supply curve shifts outward
a. True b. False
A welfare loss in a market
a. is the dollar difference between consumer surplus and producer surplus b. is measured as the area above the market price and to the left of the market quantity c. is the dollar value of potential benefits not achieved due to inefficiency in that market d. is typically due to government intervention in that market e. is typically minimized when a government sets a ceiling price
Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year?
A. $32,000 B. $38,000 C. $54,000 D. $62,000
The federal government debt as a percentage of GDP did not rise
A) during the Great Depression. B) during World War II. C) during the 1960s. D) during the 1980s.