The total utility of water is
A. lower than the total utility of diamonds, but the marginal utility is higher.
B. the same as the total utility of diamonds, but the marginal utilities are the same.
C. lower than the total and marginal utility of diamonds.
D. higher than the total utility of diamonds, but the marginal utility of diamonds is higher.
Answer: D
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Would companies and individuals invest as much in significant research and development if a system of patents were not available? a. Yes they would, because they could still hope to monopolize the market
b. Yes they would, because firms are civic-minded and highly motivated to introduce innovations that improve the standard of living. c. No they would not, because if they made a significant investment in the development, they would be unable to protect the innovations or discoveries long enough to be sufficiently compensated for their efforts. d. No they would not, because the benefits to society of engaging in research and development would be less than the costs to society.
Using the supply and demand model, what would happen if foreign investors no longer want to loan money to the United States?
a. Interest rates will decrease, and investment will decrease. b. Interest rates will increase, and investment will increase. c. Interest rates will increase, and investment will decrease. d. Interest rates will decrease, and investment will increase.
Based on the diagram, if potential output equals 5,000 and the real interest rate is 3 percent, then there is ________ gap and the Fed must ________ the real interest rate so that output will equal potential output. 
A. an expansionary; raise B. no output; not change C. a recessionary; raise D. a recessionary; reduce
The following is budget information for a hypothetical economy. All data are in billions of dollars.YearGovernment SpendingTax RevenuesGDP1$1,100$1,000$10,00021,2501,40010,20031,4501,45010,50041,6001,50010,90051,8001,55011,200Refer to the above data. Assume that year 1 is the first year for this economy and year 5 is the current year. What is the public debt in this economy?
A. $250 billion B. $300 billion C. $100 billion D. $150 billion