Total utility can be determined by:
a. summing the marginal utilities of each unit of a good consumed
b. multiplying the marginal utility of the last unit consumed by the number of units consumed.
c. multiplying the marginal utility of the first unit consumed by the number of units consumed.
d. multiplying the price of the good times the number of units consumed.
a
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National income accounting helps economists and policymakers ________.
A. determine which firms are likely to succeed or fail B. measure what is occurring in each specific labor market C. follow the long-run course of the economy to assess whether it has grown or stagnated D. It helps accomplish all of these
If the marginal propensity to consume is very close to zero, then the multiplier
A) cannot be calculated. B) is very close to one. C) is very large. D) is very close to zero. E) might be negative if the marginal tax rate is large enough.
The overall decline in death rates in the United States since 1981 was due to all of the following except
A) new surgical techniques. B) a decline in smoking. C) the decline in the population. D) the availability of new prescription drugs.
In general, a nation can enjoy a higher standard of living by ________ than by being self-sufficient.
A. specialization and trading B. taxing imported goods C. increasing its versatility D. avoiding trade with other nations