The U.S. Postal Service is an example of a(n):
a. oligopoly
b. perfectly competitive market
c. monopoly
d. monopolistically competitive market
c
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The paradox of value between diamonds and water is explained by the fact that the
A) total utility of diamonds exceeds the total utility of water. B) marginal utility of diamonds exceeds the marginal utility of water. C) total utility of diamonds exceeds the marginal utility of water. D) marginal utility of diamonds exceeds the total utility of water.
Which word best completes the following sentence? A rational decisionmaker always chooses the option for which marginal benefit is ________ marginal cost
a. equal to b. less than c. more than d. unrelated to
Suppose you have data on durable goods, nondurable goods, fixed investment, government purchases, exports, and imports. Can you compute GDP?
A) No, since data on services and profits are missing. B) No, since data on inventory investment and profits are missing. C) No, since data on inventory investment and services are missing. D) No, since data on services and dividends are missing. E) Yes, all of the necessary components of GDP are given.
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.