The marginal utility from the consumption of a good is equal to the
A) total utility divided by the quantity consumed.
B) total utility divided by the price.
C) change in total utility divided by the change in the quantity consumed.
D) change in total utility divided by the change in price.
C
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In recent years, which of the following has been negative?
A) net exports of goods and services B) investment C) wages D) government expenditure on goods and services E) consumption expenditure
Which of the following are represented by the same flow in the circular flow model?
A) the flow of costs and the flow of revenue B) the flow of goods and the flow of factors of production C) the flow of income earned from the sale of resources and the flow of expenditures on goods and services D) the flow of income received by households and the flow of tax revenues paid by firms
Consider Figure 12.5. The "dilemma" in the prisoners' dilemma is that:
A. one of the players cannot get to the best outcome. B. both players would be better off by not confessing, but confessing is a dominant strategy. C. both players would be better off by confessing, but not confessing is a dominant strategy. D. the player with first-mover advantage always gets the better outcome.
Based on a World Bank study, medical treatment in developing countries has an elasticity value greater than 1.
Answer the following statement true (T) or false (F)