Refer to the accompanying table below. The marginal cost of the 4th unit of activity is:Units of ActivityTotal CostTotal Benefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. $8
B. $10
C. $5
D. $6
Answer: A
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Public saving is positive when:
A. the government's budget is balanced. B. there is a government budget surplus. C. after-tax income of households and businesses is less than consumption expenditures. D. after-tax income of households and businesses is greater than consumption expenditures.
Total utility can be determined by: a. summing the marginal utilities of each unit of a good consumed
b. multiplying the marginal utility of the last unit consumed by the number of units consumed. c. multiplying the marginal utility of the first unit consumed by the number of units consumed. d. multiplying the price of the good times the number of units consumed.
Government spending is a leakage out of the circular flow of income and spending
a. True b. False Indicate whether the statement is true or false
When the price of a good or service changes,
a. the supply curve shifts in the opposite direction. b. the demand curve shifts in the opposite direction. c. the demand curve shifts in the same direction. d. there is a movement along a given demand curve.