If marginal utility is positive, then as consumption increases:
A. the demand curve will have a positive slope.
B. total utility will not change.
C. total utility will increase.
D. the consumer will not experience diminishing marginal utility.
Answer: C
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To determine real GDP, divide nominal GDP by the
a. current values of goods and services. b. final goods and services. c. GDP deflator. d. value of GDP.
Total income in the United States is comprised of
a. wages only. b. wages and fringe benefits only. c. rents, profits, and interest payments only. d. wages, fringe benefits, rents, profits, and interest payments.
Jewel Bank has a reserve requirement ratio of 14 percent. The money multiplier for Jewel Bank is ______.
a. 86 b. 14 c. 11 d. 7.14
If all firms have rational expectations and wages and prices are flexible, there will be
A. high unemployment because firms know the "true model." B. a shortage of labor because firms set their wage below the equilibrium wage rate. C. no unemployment. D. high unemployment because firms set their wages above the equilibrium wage rate.