Marginal utility is defined as:
A. the extra satisfaction the consumer receives from an extra $1 of income.
B. the total level of satisfaction a consumer receives upon the consumption of a certain number of goods.
C. the number of hours a consumer would be willing to work to receive a certain product.
D. the extra satisfaction a person derives from consuming an additional unit of a good.
Answer: D
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Which of the following questions or statements regarding medical school is normative?
A) How do changes in expected future incomes affect the decisions of medical students about which specialty to choose? B) What role does tuition play in a student's decision about whether to attend medical school? C) Have tuition increases had a large effect or a small effect on the number of applications to medical school? D) Medical students who enter specialized fields make a larger contribution to society than do student who enter primary care.
Inflation results in
A) ease of planning for the future. B) ease of comparing prices over time. C) lower nominal interest rates. D) difficulty interpreting relative price movements.
Identify the public good in the following
a. A small library with a limited collection of books b. A crowded children's park in your neighborhood c. The visit to a museum which charges a nominal entry fee d. The scenic view of the ocean from a beach
The decision that households make to save is independent of the decisions businesses make to invest
Indicate whether the statement is true or false