The utility of a good is
a. different for different consumers
b. the same for all consumers
c. constant no matter how much is consumed
d. related to the cost of producing it
e. positive for all goods and all consumers
A
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A graph shows that as fees to use ATM machines increase, people use them less frequently. The graph of this relationship would show
A) an inverse relationship. B) a negative relationship. C) a direct relationship. D) Both answers A and B are correct.
In the classical model, a shift to the right in aggregate demand would result in
A) a permanent increase in unemployment. B) a permanent increase in real incomes. C) an increase in the price level. D) a permanent shift past full employment.
An improvement in technology will shift the production possibilities curve
A) to the left.
B) along the curve.
C) inward.
D) to the right.
China’s rapid increase in the rate of productivity growth cannot be attributed to
A. a greater investment toward education than in consumer goods. B. initial innovation rather than imitation of technology. C. sending many Chinese students to universities in other countries. D. improvements in its educational system.