As Leilani eats a second and third macadamia nut cookie, she will increase her ______ for that good.
a. marginal utility
b. demand
c. product substitution
d. total utility
d. total utility
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In a centrally planned economy, the households and firms decide how economic resources will be allocated
Indicate whether the statement is true or false
Assume that any given percentage of the population earns an equal percentage of real GDP. This percentage of population will be represented by:
a. a point below the line of income equality. b. a line lying below the line of income equality. c. a point on the line of income equality. d. a line lying above the line of income equality. e. a point above the line of income equality.
A Pareto improvement is any action that makes everyone better off
a. True b. False
Confusion and inconvenience costs arise when inflation a. improves the store of value function of money. b. reduces the real value of the unit of account
c. introduces tax distortions on capital gains. d. reduces the real debt burden owed by borrowers.