Drinking a can of cola gives Richard 20 utils of satisfaction. How many additional utils would you expect Richard would get from drinking a second can of cola?
(a) 20 utils.
(b) Less than 20 utils.
(c) More than 20 utils.
(d) 40 utils.
Answer: (b) Less than 20 utils.
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According to the BEA, in the second quarter of 2012 federal government spending on goods and services changed by -0.1 percent. This decrease could have been caused by a decrease in spending on
A) national defense. B) Social Security. C) interest payments on the national debt. D) unemployment benefits.
Thrift institutions include
A) banks, mutual funds, and insurance companies. B) savings and loan associations, mutual savings banks, and credit unions. C) finance companies, mutual funds, and money market funds. D) pension funds, mutual funds, and banks.
Hyperinflation is usually accompanied by a great macroeconomic expansion
a. True b. False Indicate whether the statement is true or false
If the general level of prices is higher than business decision makers anticipated when they entered into long-term contracts for raw materials and other resources, which of the following is most likely to occur?
a. a recession b. output less than the economy's long-run potential c. a sharp reduction in imports d. an unemployment rate that is less than the economy's natural rate of unemployment