The rate of change in total utility equals
A) marginal utility.
B) the change in marginal utility associated with eating all the quantities a person can handle.
C) the change in marginal utility divided by the change in quantity.
D) the rate of change in marginal utility divided by the price.
Answer: A
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If the total expenditures of a typical family equaled $35,000 per year in 2010 and the exact same basket of goods and services cost $40,000 in the year 2015, the family's cost of living:
A. increased by 14 percent. B. decreased by 14 percent. C. increased by 12.5 percent. D. decreased by 12.5 percent.
Which of the following methods is used by unions to increase the demand for the labor of its members?
A) Decrease the marginal product of union members. B) Support minimum wage laws. C) Oppose import restrictions. D) Decrease demand for the good produced.
If a bond pays a fixed return of $500 a year and the current interest rate has risen from 5 percent to 10 percent, then the bond price must have:
a. risen from $25 to $50. b. fallen from $50 to $25. c. risen from $5,000 to $10,000. d. fallen from $10,000 to $5,000. e. risen from $1,000 to $5,000.
If the population of a country is 250,000 people, its labor force consists of 145,000 people, 35,000 people are unemployed, 10,000 are unable to work, and 5,000 are unwilling to work, the unemployment rate is
A. 24.1 percent. B. 22.1 percent. C. 19.4 percent. D. 14.0 percent.