Assume that the total utilities for the fifth and sixth units of a good consumed are 83 and 97, respectively. The marginal utility for the sixth unit is:
a. -14
b. 14
c. 83
d. 97
Ans: b. 14
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Government intervention always results in the optimal mix of output.
Indicate whether the statement is true or false.
Answer the following statement true (T) or false (F)
1) The demand for a resource depends on its productivity and the market value of the product it is producing. 2) If two resources are complementary, a decrease in the price of one will reduce the demand for the other. 3) Other things equal, the less competitive the market in which a firm sells its product, the less elastic will be its resource demand curve. 4) If the substitution effect outweighs the output effect, an increase in the price of a substitute resource will increase the demand for labor.
The crowding out effect refers to
A. the reinforcing impact of state and local tax changes on federal tax changes. B. an increase in the interest rate caused by government borrowing. C. a permanent increase in taxes. D. the impact of a tax rate increase when the aggregate supply function is horizontal.