Refer to the following figure.
Geri likes avocados; each additional avocado she consumes adds as much to her total utility as did the previous one. Which of the four graphs best represents Geri's marginal utility curve for avocados?
A. A
B. B
C. C
D. D
Answer: D
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During a boom expansionary economy, public assistance payments and unemployment compensation payments automatically decrease while income taxes automatically increase. Which of the following best describes the effect of these changes on aggregate demand? a. Aggregate demand will be less than it would be without these automatic stabilizers. b. Aggregate demand will be the same as it was before
the expansion. c. Aggregate demand will be less than it was before the expansion. d. none of the above
Although tariff and quota protections for China auto imports were very costly to consumers, which of the following was a benefit?
a. Auto prices, compared with other prices in the economy, actually fell. b. Auto consumption skyrocketed, but there were environmental effects. c. Firms that were involved in joint ventures were able to "learn" and to significantly lower their costs. d. China's government realized it had to keep its hands off entrepreneurial concerns.
In the following graph, the price of labor is $15 per unit. How many units of labor should a firm use to produce 2,000 units of output at the least cost?
A. 80 B. 100 C. 40 D. 50 E. none of the above
Demand deposits are included as part of:
a) only M1. b) only M2. c) neither M1 nor M2. d) M1 and M2.