In the U.S. economy, which of the following statements is TRUE?
A) More goods are produced than services.
B) More services are produced than goods.
C) Production is divided evenly between goods and services.
D) The economy is too complex to determine the proportion of production that is devoted to producing services.
B
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The above table gives some of Tammy's total and marginal utilities from comedy videos. Which of the following statements is TRUE?
A) Tammy's marginal utility from the third comedy video is equal to 580/3. B) Tammy's total utility from five comedy videos is 800. C) Tammy's marginal utility from the first comedy video is less than her marginal utility from the third comedy video. D) None of the above answers are correct.
A surplus in our balance of payments causes the dollar to __________, which causes the surplus to __________
A) appreciate; increase B) appreciate; decrease C) depreciate; increase D) depreciate; decrease
Refer to the above figure. At real GDP of $1 trillion, actual investment equals
A) planned investment of $1 trillion. B) planned saving of $1 trillion. C) actual saving of 0. D) unanticipated inventory adjustments of $1 trillion.
The New York Yankees are the winningest team in all of professional sports history. When interviewed after sweeping a World Series, the Yankee manager always says that, "To me, this win is the sweetest of them all.". To an economist, it means that
a. the marginal utility of the last win is greater than the total utility of all previous Yankee World Series wins b. the law of diminishing marginal utility applies here c. the law of diminishing marginal utility doesn't apply here d. the manager engages in interpersonal comparisons of utility e. consumer surplus increases with each win