Total utility
a. diminishes as the quantity consumed of a good increases.
b. increases as long as more goods are acquired.
c. increases as long as marginal utility increases.
d. increases as long as marginal utility is positive.
e. diminishes as consumption of some good rises.
d
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A temporary beneficial productivity shock would
A) shift the labor supply curve down and to the right. B) increase the level of employment. C) increase future income. D) increase the expected future marginal product of capital.
In the aggregate demand and aggregate supply model,
a. the factors that cause the demand curves in both models to slope downward are the same b. the factors that cause the supply curves in both models to slope upward are the same c. the upward-sloping aggregate demand curve intersects the downward-sloping aggregate supply curve to determine the economy's price level and GDP d. the upward-sloping aggregate supply curve intersects the downward-sloping aggregate demand curve to determine the economy's price level and GDP e. the price level never changes even with shifts in aggregate demand and aggregate supply
Which or the following events would unambiguously cause a decrease in the equilibrium price cotton shirts?
A) An increase in the price of wool shirts and a decrease in the price of raw cotton. B) A decrease in the price of wool shirts and a decrease in the price of raw cotton. C) An increase in the price of wool shirts and an increase in the price of raw cotton. D) A decrease in the price of wool shirts and an increase in the price of raw cotton.
An increase in the nominal interest rate, all else held constant, will always cause which of the following?
A) the real interest rate to decrease B) the expected inflation rate to decrease C) the demand for money to increase D) all of the above E) none of the above