What is marginal benefit? Which curve is also referred to as a marginal benefit curve?
What will be an ideal response?
Marginal benefit is the additional benefit to a consumer from consuming one more unit of a good. The demand curve is also referred to as a marginal benefit curve.
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Under a consumption tax, only current expenditures are taxed.
A. True B. False C. Uncertain
Which of the following legal subjects is most concerned with the economic function of the legal system?
A) criminal law B) public goods C) antitrust legislation D) civil rights
Refer to the information provided in Figure 23.4 below to answer the question(s) that follow.
Figure 23.4Refer to Figure 23.4. Suppose the consumption function for C1 = 20 + 0.5Y, the consumption function that best fits C3 is
A. C3 = 20 + 0.4Y. B. C3 = 20 + 0.8Y. C. C3 = 40 + 0.4Y. D. C3 = 40 + 0.5Y.
If logging companies are allowed to harvest on public lands, economists use present-value analysis to suggest that logging companies will
A. leave only the taller trees. B. leave the young trees for later. C. harvest all they can, as quickly as the can. D. harvest only the prettiest trees.