If a consumer is purchasing a good and her net marginal utility is positive,
A. she should continue to consume at this level.
B. she should purchase more units, so long as the net marginal utility is greater than zero.
C. she should check to see what the price is.
D. she should buy more units until her net marginal utility turns negative.
Answer: B
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A) minimizing; maximizing B) maximizing; maximizing C) maximizing; reducing D) reducing; maximizing
Price elasticity of supply:
A. is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service. B. measures consumers' responsiveness to a change in price. C. is always a negative number. D. is the percentage change in the price of a good or service divided by the percentage change in the quantity supplied of the good or service.
If you can earn $30,000 a year teaching, $20,000 a year making phone apps, $35,000 a year driving a cab, and $40,000 a year as an actor or actress. You have a comparative advantage in
A. making phone apps B. one of them but we need more information to know which. C. being an actor or actress. D. teaching.
A bank creates money by
A) lending its excess reserves. B) purchasing currency from the Federal Reserve. C) buying bonds from the Federal Reserve. D) printing more checks.