Marginal benefit is the
A) total benefit we receive from consuming a good or service.
B) additional benefit we receive from consuming one more unit of a good or service.
C) minimum amount of other goods or services we are willing to give u
B
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Duke increased his spending on steak from $7 to $11 per week because of a 12 percent salary increase, so his
A) income elasticity of demand for steak is 1.37. B) price elasticity of demand for steak is 1.37. C) income elasticity of demand for steak is 3.7. D) price elasticity of demand for steak is 3.7.
The Tiebout model assumes that public services are financed by a proportional property tax.
A. True B. False C. Uncertain
What percentage of all banks in the United States belong to the Federal Reserve System?
A) 5% B) 38% C) 75% D) 90%
Once active discrimination ends, it:
A. is quickly forgotten, and efficiency is reached. B. no longer affects people or markets. C. can have long-lasting effects on people and markets. D. None of these is true.