For most people, as their income increases, their utility from that income ________ at a(n) ________ rate.
A. decreases; increasing
B. increases; increasing
C. decreases; decreasing
D. increases; decreasing
Answer: D
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If you buy a good, its expected marginal value to you
a. is equal to its price b. is greater than its price c. is less than its price d. may be less than or equal to but not greater than its price e. may be greater than or equal to but not less than its price
If a firm is operating at a loss in the short run and finds that its price is greater than average variable cost, then in the short run
a. it should produce where MR = MC b. it should produce zero output c. it should go out of business d. total revenue is less than total variable costs e. total revenue is greater than total costs
GreenTree Corporation sells live Christmas trees. It observes that when it increases the price of Christmas trees by 10 percent, revenue rises by 25 percent. The demand for Christmas trees is:
A. perfectly elastic. B. elastic. C. inelastic. D. unit elastic.
Consumption expenditures in the U.S. usually account for approximately __________ percent of GDP
A) 40 B) 50 C) 60 D) 70 E) 80