Total utility refers to the:
A. total satisfaction one gets from the consumption of a product.
B. satisfaction one gets from the consumption of an additional unit of a product.
C. satisfaction one gets from the consumption of an additional unit of a product times its price.
D. maximum satisfaction one can get from the consumption of a good.
Answer: A
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When marginal cost exceeds the average variable cost, average variable cost must be increasing
a. True b. False Indicate whether the statement is true or false
Unemployment compensation payments:
A. rise during a recession and thus reduce the severity of the recession. B. rise during a recession and thus increase the severity of the recession. C. rise during inflationary episodes and thus reduce the severity of the inflation. D. fall during a recession and thus increase the severity of the recession.
When the price of a perfectly competitive firm's output rises:
A. the firm's marginal cost curve will shift to the left. B. the firm will produce more. C. the firm will produce less. D. the firm's marginal cost curve will shift to the right.
To stimulate economic growth, it would be best if developing countries adopted policies to:
A. Discourage foreign investment B. Subsidize state industries C. Build more human capital D. Increase population growth