For Brent, if the marginal utility of sleeping an extra hour, from 8 a.m. to 9 a.m., is negative:
a. Brent is better off getting up at 8 a.m. or earlier
b. Brent is better off getting up at 9 a.m.
c. Brent's total utility from sleeping must be negative.
d. Brent's average utility from every hour he sleeps must be negative.
a
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Suppose there is an increase in the short-run aggregate supply with no change in the long-run aggregate supply. This situation could be the result of
A) an increase in the price of oil. B) a decrease in the money wage rate. C) a technological advancement. D) an increase in the quantity of capital.
Plurality voting fails which of the criteria for an ideal voting system?
A. Transitivity B. No dictator C. Unanimity D. Independence of irrelevant alternatives
"Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation.". This is an apt quote by
a. J. M. Keynes about the stock market crash b. Alan Greenspan about the Asian markets c. Paul Volcker about runaway inflation d. Franklin Roosevelt about railroad stock speculators e. Bill Clinton about his balanced budget
Which tax system requires higher-income taxpayers to pay a higher percentage of their income in taxes?
a. a progressive tax b. a proportional tax c. a regressive tax d. a lump-sum tax