An example of a nonrenewable resource would be:
A. a computer.
B. wireless technology.
C. sunlight.
D. None of these is considered a nonrenewable resource.
D. None of these is considered a nonrenewable resource.
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An increase in the price of Heinz ketchup is likely to cause:
A. an increase in the demand for Hunt's ketchup, due to a change in preferences. B. an increase in the demand for Hunt's ketchup, due to a change in the price of a substitute good. C. a decrease in the demand for Hunt's ketchup, due to a change in preferences. D. an increase in the demand for Hunt's ketchup, due to a change in the price of a complementary good.
Consumer surplus
a. is the difference between total willingness to pay and the total amount actually paid. b. guarantees that the market value of a good in money is equal to the total economic value of the good. c. is always negative because of diminishing marginal utility. d. is the total area under a consumer's demand curve.
Macroeconomics is most likely to be concerned with the:
A) amount of unemployment in a specific industry. B) economic behavior of a particular household. C) economic behavior of specific parts or units of the economy. D) aggregates in the economy.
The consumer optimum is defined as
A) the set of goods and services that maximizes marginal utility for each good. B) the set of goods and services such that the marginal utility of each good equals zero. C) the set of goods and services that maximizes the marginal utility of each good consumed. D) the set of goods and services, subject to the limited income of the consumer, that maximizes the total utility of the consumer.