The federal government's role as the provider of national defense is justified by considerations of
A. Private goods.
B. Inequity.
C. Public goods.
D. None of the choices are correct.
Answer: C
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On average, the greater the unexpected decline in aggregate demand
A. the greater is the resulting inflation. B. the greater is the resulting deflation. C. the weaker is the resulting deflation. D. the greater is the rise in the price level.
The smaller the marginal propensity to save, other things constant, _____
a. the smaller the marginal propensity to consume b. the larger the multiplier c. the smaller the multiplier d. the flatter the consumption function e. the steeper the saving function
Have you ever gone to an auction? You see people bidding against each other for a good, such as an oil painting. As the bidding price inches upward, people drop out of the bidding process. Why? Because for the people dropping out, the
a. ratio of marginal utility to price of the good increases beyond the ratio of other goods b. marginal utility per dollar of the good increases beyond the marginal utility per dollar of other goods c. marginal utility per dollar of the good decreases below the marginal utility per dollar of other goods d. marginal utility of the good falls to zero e. ratio of marginal utility to price of the good falls to zero
When firms differentiate their products, they
a. always create real differences among products b. usually strain the sales staff of the firm c. frequently create artificial or superficial differences among products, thus raising their production costs d. always increase their profits