Microeconomics is concerned with
A. individual prices.
B. price level stability.
C. economic growth.
D. unemployment.
Answer: A
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If marginal utility is positive but diminishing, then total utility must be ________ as consumption of the good increases
A) decreasing B) positive and rising at an increasing rate C) positive and rising at a decreasing rate D) positive and rising at any rate
Let MC be the marginal private cost per megawatt hour (Mwh) of producing electricity using coal. Let MSC be the marginal social cost per Mwh and T be the tax per Mwh. To achieve efficiency, the tax should be set so that
A) MC = MSC + T. B) MSC = MC + T. C) MC + MSC = T D) MC = T.
If the consumption of a good by one person reduces the amount of it that can be consumed by others, the good is
A. excludable. B. nonexcludable. C. rivalrous in consumption. D. nonrivalrous in consumption.
Economic efficiency and economic freedom are commonly cited as two major benefits of socialism
a. True b. False Indicate whether the statement is true or false