Economic models are NOT used to
A) explain economic phenomena.
B) predict economic phenomena.
C) understand economic phenomena.
D) describe all economic phenomena in minute detail.
D
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Marginal benefit is the benefit that a person receives from consuming
A) a good or service until the person has grown tired of it. B) only goods and services that are free. C) one more unit of a good or service. D) all of the possible units of a good or service that can be consumed. E) one more unit of a good and is equal to the cost of producing the unit of the good.
Suppose market demand facing a monopolist is given by 
. Then the monopolist's marginal revenue curve (in the absence of price discrimination) is
A.
B.
C.
D.
E.
F.
National output and national income are the same because
A) one seller's profit is another seller's loss. B) one seller's profit is another buyer's loss. C) the sale of goods and services generates income for the sellers. D) the sale of goods and services generates tax revenues for the government.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run supply shock. C. short-run demand shock. D. long-run demand shock.