Popeye cannot eat enough free spinach. With this information, we know that Popeye's:
A. marginal utility for spinach is falling.
B. total utility for spinach is falling.
C. marginal utility for spinach never falls.
D. total utility for spinach is always rising.
Answer: D
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If the Federal Reserve raises the U.S. interest rate, foreigners'
A) demand for U.S. dollars will increase and the exchange rate will rise. B) demand for U.S. dollars will decrease and the exchange rate will fall. C) demand for U.S. dollars will increase and the exchange rate will fall. D) demand for U.S. dollars will decrease and the exchange rate will rise.
When long-run average cost increases as output increases there are
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) none of the above.
Refer to Table 19-18. What is the GDP deflator in 2011 if 2016 is the base year?
A) 187 B) 87 C) 8.7 D) 0.87
The period of the business cycle between the peak and the trough is the
A) recession. B) expansion. C) recovery. D) All of the above may fall between the peak and the trough.