Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a good
b. total amount of satisfaction gained from consuming a good
c. additional satisfaction gained from consuming one more unit of a good
d. total amount of satisfaction gained from consuming a product divided by the number of goods consumed
e. total amount of satisfaction gained from consuming a good times the number of goods consumed
C
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Which of the following is not one of the obstacles mentioned in the text to a successful system of price discrimination? Inability to
A) evade legal restrictions on discrimination. B) identify differences in demand among customers. C) prevent customers from reselling the product. D) prevent resentment from arising among the people who pay more.
If a British automobile sells for £20,000 and the British pound is worth $1.50, then the dollar price of the automobile is
A) $1.60. B) $12,500. C) $20,000. D) $30,000.
What is the key macroeconomic issue of the short run and what is the key macroeconomic issue of the long run?
What will be an ideal response?
If a nation remains poor over time, it could be that:
a. c and e. b. d and e. c. the population growth rate is at least as much as the national GDP growth rate. d. the per capita real GDP growth rate is larger than the population growth rate. e. the national real GDP growth rate is lower than the population growth rate.