If the price of product X rises, then the resulting decline in the amount purchased will:
A. necessarily increase the consumer's total utility from his total purchases.
B. increase the marginal utility of the last unit consumed of this good.
C. increase the total utility from purchases of this good.
D. reduce the marginal utility of the last unit consumed of this good.
Answer: B
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Table 19-1 ? American Coal British Coal Cost per Ton Cost per Ton $150 £75 Assume that the information in Table 19-1 applies to the cost per ton of coal in 1998. Assume that also over a 10-year period prices rise 100 percent in Great Britain and 200 percent in the United States. According to the purchasing power parity theory, the exchange rate between the dollar and the pound in the year 2008 will be
A. 1 dollar = 2 pounds. B. 1 pound = 2 dollars. C. 1 pound = 3 dollars. D. 1 dollar = 3 pounds.
The marginal expenditure curve for labor is based on the assumption that
A) the most productive workers are hired first. B) the wage rate is independent of the quantity of labor employed. C) the market supply curve for labor is infinitely elastic. D) all workers are paid the same wage rate. E) none of the above
The Chinese government has prohibited anyone in China from dealing with bitcoin exchanges
Indicate whether the statement is true or false
The three functions of money are:
A. serving as a medium of exchange, unit of account, and store of value. B. implementing monetary policy, fiscal policy, and structural policy. C. spending for consumption, investment, and government purchases. D. measuring balance of payments, exchange rates, and interest rates.