If a dinner guest was serious when she said that she could never get enough of your cooking, you would conclude that the marginal utility of your cooking for her was _____
a. negative
b. zero
c. increasing at an increasing rate
d. positive
e. more than total utility
d
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The ________ is the price of one good ________ the price of another good
A) relative price; times B) relative price; divided by C) budget; times D) budget; divided by
Suppose an excise tax of $1 is imposed on every case of beer sold and sellers are responsible for paying this tax. How would the imposition of the tax be illustrated in a graph?
A) The supply curve for cases of beer would shift to the right by $1. B) The supply curve for cases of beer would shift to the left by less than $1. C) The supply curve for cases of beer would shift to the left by more than $1. D) The supply curve for cases of beer would shift to the left by $1.
For an increasing cost industry, the long-run supply curve has a(n) _____ elasticity of supply
a. infinite b. negative c. positive d. zero
Refer to Figure 11.3. Assume aggregate demand is represented by AD3 and full-employment output is $5.6 trillion. The economy confronts an inflationary GDP gap of
A. $600 billion. B. $400 billion. C. $800 billion. D. $200 billion.