Marginal utility
A. is the usefulness a consumer derives from a certain good or service.
B. is the utility a consumer derives from a certain good or service.
C. increases as more of a good or service is consumed.
D. is the additional utility derived from consuming one more unit of a good or service.
D. is the additional utility derived from consuming one more unit of a good or service.
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Use the following table to answer the next question. All figures in the table below are in billions. RGDPConsumption +InvestmentExportsImports$500$525$15$1055056015106005951510650630151070066515107507001510Assume that investment is not affected by the income real GDP level. The multiplier for this private open economy is
A. 3.33. B. 2.00. C. 1.25. D. 2.50.
When considering the interplay of the price and quantity effect of different tax levels, we realize that:
A. there is one tax level that maximizes tax revenues. B. tax revenues will continue to increase at all levels where the price effect outweighs the quantity effect. C. tax revenues will continue to decrease at all levels where the quantity effect outweighs the price effect. D. All of these statements are true.
What is the rule for efficient output selection and how does the competitive market achieve it?
In the long run firms will ________ as long as there are more economies of scale and new firms will enter the industry as long as they earn ________.
A. contract; zero profits B. expand; positive economic profits C. expand; zero profits D. contract; positive economic profits