____________ is the extra usefulness or satisfaction that a person gets from acquiring one or more unit of a product.
a. marginal utility
b. diminishing marginal utility
c. income effect
d. change in demand
Ans: a. marginal utility
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Suppose the government wants to maintain a balanced budget. To achieve this goal, when the economy falls into recession government would need to ________ taxes, which would cause aggregate demand to ________
A) increase; decrease B) decrease; increase C) decrease; decrease D) increase; increase
Marginal benefit is equal to the ________ benefit a consumer receives from consuming one more unit of a good or service
A) additional B) unintended C) total D) surplus
Why do economists abstract, and is it appropriate?
Americans are creating an enormous amount of solid waste daily-over 4 pounds per person per day. How is the United States coping with this extraordinary problem?