Marginal utility measures the increase in total utility that a person derives from consuming one more unit of a good
Indicate whether the statement is true or false
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In the long-run the ISLM model predicts that ________ can change real output
A) only monetary policy B) only fiscal policy C) both monetary and fiscal policy D) neither monetary nor fiscal policy
The primary advantage of Lindahl pricing is _____
a. that it is easy to calculate b. that at the price charged, every individual prefers a unique efficient level of output, increasing diversity in how the public good is provided c. that is necessary for economic efficiency d. that at the price charged, every individual prefers the same efficient level of output, making it more likely that the politically agreed upon output level is identical to the efficient output level
If a firm in a monopolistically competitive market successfully uses advertising to decrease the elasticity of demand for its product, the firm will
a. be able to increase its markup over marginal cost. b. eventually have to reduce price to remain competitive. c. increase the welfare of society. d. reduce its average total cost.
At the end of 2016, most of the United States' foreign direct investment was in
A. the European Union countries. B. the developing countries in Asia. C. the other North American Free Trade Agreement (NAFTA) countries. D. the Latin American countries.