Table 19.2Quantity ConsumedTotal UtilityMarginal Utility115152 9330 4 3In Table 19.2, diminishing marginal utility occurs
A. With the first and third units only.
B. With the second and fourth units only.
C. With all units after the first.
D. Only with the second unit.
Answer: C
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If the marginal benefit of additional spending on a public health measure is greater than its marginal cost, then total economic surplus
A. will increase if the government increases spending on the health measure. B. is equal to zero. C. will decrease if the government increases spending on the health measure. D. has been maximized.
Demand describes how much of something people:
A. are willing and able to buy at alternative prices under certain circumstances. B. want, but may not necessarily be able, to buy under certain circumstances. C. are willing and able to sell under certain circumstances. D. be able to buy, but might not want to buy under certain circumstances.
Corporate taxes in the US are:
A. regressive. B. proportional. C. progressive. D. a flat tax that adjusts with inflation.
This school of thought argues that because people anticipate the consequences of announced government policy and incorporate these anticipated consequences into their present decision making, people end up undermining the government policy. What is it?
a. Neo-Keynesian. b. Keynesian. c. Monetarist. d. Supply-side. e. Rational expectations.