As a consumer eats additional pieces of pizza, total utility will _____
a. always keep increasing
b. always keep decreasing
c. keep increasing until dissatisfaction sets in
d. keep decreasing until dissatisfaction sets in
e. initially keep decreasing until it becomes zero and then increase
c
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A ________ externality occurs when a market transaction affects others through market prices
A) positive B) negative production C) negative consumption D) pecuniary
A supply schedule
A) can be used to generate a supply curve. B) is a table reflecting the inverse relationship between price and quantity supplied. C) shows what happens to quantity supplied when price is held constant. D) all of the above.
A possible budget reform involves: a. a quadrennial budget
b. breaking down the budget into increasingly small budget lines. c. appointing agency heads with different priorities than those of elected representatives. d. to simplify the budget document by concentrating only on major groupings and eliminating line items. e. to eliminate the operating budget.
If the Fed is concerned about inflation, it should:
A. buy bonds or raise the discount rate. B. buy bonds or reduce the discount rate. C. sell bonds or raise the discount rate. D. sell bonds or reduce the discount rate.