Which of the following statements is correct?
A. When marginal utility is positive, an increase in the quantity consumed will increase total utility.
B. When marginal utility is zero, an increase in the quantity consumed will make total utility zero.
C. When marginal utility is decreasing, an increase in the quantity consumed will decrease total utility.
D. When marginal utility is positive, an increase in the quantity consumed will decrease total utility.
Answer: A
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With respect to monopolies, deadweight loss refers to the
A) socially unproductive amounts of money spent to obtain or acquire a monopoly. B) net loss in consumer and producer surplus due to a monopolist's pricing strategy/policy. C) lost consumer surplus from monopolistic pricing. D) none of the above
Why are beef and leather complements in production?
a. The production of one enables the production of the other. b. They both can be produced using the same technology. c. They both can be used by consumers for the same purposes. d. The production of one negates the production of the other.
Which of the following is a determinant of supply?
A. Number of buyers. B. The prices of the factors of production. C. Consumers' income. D. Consumer tastes or preferences.
Which of the following countries would economists say definitively is achieving modern economic growth?
A. Zimbabwe experiences a 5.6 percent increase in nominal GDP. B. South Africa experiences a 4.2 percent increase in real GDP. C. Ghana experiences a 3.6 percent increase in nominal GDP per person. D. Nigeria experiences a 2.7 percent increase in real GDP per person.