When actions are finely divisible marginal benefit is ______ marginal cost at an interior best choice.
A. greater than
B. less than
C. equal to
D. greater than or equal to
C. equal to
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Suppose a country, whose production and consumption of cell phones is large relative to the world market, has just entered the global market. If the country is a net-importer of cell phones, we would expect:
A. an increase in both world price and quantity of cell phones. B. an increase in world price and decrease in world quantity of cell phones. C. a decrease in both world price and quantity of cell phones. D. a decrease in world price, and increase in world quantity of cell phones.
An increase in _____ will shift the SRAS curve
Fill in the blank(s) with the appropriate word(s).
A consumer buys only food and clothing. If the quantity of food bought increases while that of clothing remains the same, the marginal utility of food will:
A. fall, but not as fast as the marginal utility of clothing falls. B. rise, but not as fast as the marginal utility of clothing rises. C. rise relative to the marginal utility of clothing. D. fall relative to the marginal utility of clothing.
Criteria used to judge a central bank's independence include each of the following, except:
A. budgetary independence. B. cabinet or ministry level of authority. C. long terms for members. D. irreversible decisions.