Total utility is best defined as the
A. additional satisfaction received from consuming an additional unit of a good or service.
B. maximum amount of satisfaction from consuming a product.
C. change in marginal utility multiplied by the price of a product.
D. total satisfaction received from consuming a good, service, or combination of goods and services.
Answer: D
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Suppose one person buys a copy of Consumer Reports and gives away free copies to all who request one. This is an example of
A) free rider problem. B) moral hazard. C) adverse selection. D) economies of scale.
The aggregate supply curve represents levels of output that producers are willing to sell at
A) each level of the real interest rate. B) each level of real GDP. C) each price level. D) each inflation rate.
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In Exhibit 3-11, in Panel A the movement from point A to point B describes a(n):
A. increase in demand and an increase in the quantity supplied. B. increase in the quantity demanded and an increase in supply. C. decrease in demand and a decrease in the quantity supplied. D. decrease in the quantity demanded and a decrease in supply.
Explain how a change in the reserve ratio affects the money supply.
What will be an ideal response?