The total utility of a good is equal to the marginal utility of the last unit consumed
a. True
b. False
Indicate whether the statement is true or false
False
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A market equilibrium:
A. leaves unexploited opportunities for individuals. B. exploits all gains achievable through collective action. C. leaves no unexploited opportunities for individuals. D. maximizes total economic surplus.
The table below shows data for Brazil
2006 2007 Real GDP growth rate 3.8 5.4 Inflation rate 4.2 3.7 Assuming the rate of velocity change is constant A) the growth rate of money increased between 2006 and 2007. B) the money growth rate was -0.4 percent in 2006. C) the growth rate of nominal GDP was 1.7 percent in 2006. D) the demand for money curve shifted leftward in 2006.
Comment on the following statement: "When firms are earning positive profits, the industry supply curve will shift to the right."
What will be an ideal response?
An economy's marginal social benefit curve for a private good is obtained by summing the individual marginal
a) cost curves horizontally b) benefit curves vertically c) benefit curves diagonally d) benefit curves horizontally