A student athlete loves cookies. He receives 200 utils for the first cookie, an additional 160 for the second, an additional 120 for the third, another 80 for the fourth, and another 40 for the fifth. The marginal utility of the fourth cookie is ________ and the total utility of consuming four cookies is ________.
A. 40; 40
B. 80; 560
C. 40; 80
D. 80; 600
Answer: B
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If enforcement is aimed at buyers of an illegal good, the result will be
A) an increase in the short-run supply of the good. B) a decrease in the short-run supply of the good. C) a decrease in demand for the good. D) an increase in the price of the good.
A bank's required reserves are the fraction of deposits they are required by law to hold as reserves.
Answer the following statement true (T) or false (F)
Related to the Economics in Practice on p. 512: In Santa Cruz, the red feathers of the Scarlet Honeyeater bird were used as currency. In this instance, the feathers would be considered
A. legal tender. B. token money. C. fiat money. D. commodity money.
Answer the following statements true (T) or false (F)
1. The "stimulus package" that the government implemented in response to the Great Recession of 2007-09 made the cyclically-adjusted budget of the U.S. have a very large positive balance in that time period. 2. The so-called "recognition lag" associated with fiscal policy is a result of how slowly the U.S. Congress moves. 3. The concept of a "political business cycle" implies a misuse of fiscal policy making it a source of economic instability. 4. The impact of an expansionary fiscal policy may be strengthened if it crowds out some private investment spending.