If the total utility curve is a straight line, the marginal utility curve would be a:
A. an upward-sloping line with a slope of 1.
B. a vertical line.
C. downward-sloping line.
D. a flat line with a slope of zero.
Answer: D
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Which of the following statements is true?
A) Models help economists to explain the past, but do not help in predicting the future. B) The scientific method used by economists is based on idealism and not empiricism. C) Testing with data enables economists to distinguish between good models and bad models. D) Models that economists use are perfect replicas of reality.
What is structural unemployment?
What will be an ideal response?
Identify at least three key factors in the HPAE's economic success?
What will be an ideal response?
The decline in the role of manufacturing over the last four decades has caused our economy to be
A. less vulnerable to inventory cycles. B. more vulnerable to inventory cycles. C. has not affected the vulnerability to inventory cycles. D. caused an increase in frictional unemployment.