Marginal utility measures the
A) total utility from consumption.
B) additional utility from an additional unit of consumption.
C) average utility from an additional unit of consumption.
D) additional cost of an additional unit of consumption.
B
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Some individuals seek to use government action to make themselves better off at the expense of others. The actions of these individuals
A) are evidence of the voting paradox. B) are examples of fraud; but these individuals usually avoid prosecution because of logrolling and rational ignorance. C) offer proof that Adam Smith's "invisible hand" is not valid. D) are examples of rent seeking.
When a temporary adverse supply shock hits a large open economy, it causes the current account to ________ and investment to ________
A) fall; fall B) rise; remain unchanged C) fall; remain unchanged D) rise; fall
The four components of the aggregate expenditures model are:
a. consumption, investment, inventories, and government purchases. b. consumption, planned investment, unplanned changes in inventory, and exports. c. consumption, investment, government purchases, and net exports. d. consumption, investment, exports, and imports.
Members of the Board of Governors of the Federal Reserve System are
a. elected by member banks to serve four-year terms. b. appointed by Congress for 14-year terms. c. appointed by the president for 14-year terms. d. appointed by the Supreme Court for lifetime terms.