A person maximizes utility when he equalizes the ________ across products.
A. marginal utility
B. total utility per dollar spent
C. marginal utility per dollar spent
D. total utility
Answer: C
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In the above figure, if a single-price monopolist charges the profit-maximizing price, the triangle dce represents
A) consumer surplus. B) producer surplus. C) deadweight loss. D) marginal revenue.
The natural right to life, liberty and pursuit of happiness is an idea of:
a. Hayek b. Schumpeter c. Marx d. Lange e. Locke
If the MPC is 5/6 then the multiplier is
a. 6/5, so a $200 increase in government spending increases aggregate demand by $240. b. 5, so a $200 increase in government spending increases aggregate supply by $1000. c. 6, so a $200 increase in government spending increases aggregate demand by $1200. d. 6/5, so a $200 increase in government spending increases aggregate supply by $1200.
The least affordable places to live tend to be located disproportionately in
A. Michigan. B. California. C. Ohio. D. Iowa.