In order to maximize utility, a consumer should allocate money income so that
A. the marginal utility obtained from the last dollar spent on each product is the same.
B. the elasticity of demand on all products purchased is the same.
C. the total utility derived from each product consumed is the same.
D. the marginal utility of the last unit of each product consumed is greater than the total utility of each product consumed.
Answer: A
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A. domestically-produced, as well as imported, goods and services B. exported goods and services C. domestically-produced goods and services only D. the private sector of the economy only
Choose one of the arguments countries generally use to justify protection for a particular industry. Describe the argument and any inherent problems with it. Is the argument primarily an economic or a noneconomic one?
What will be an ideal response?
In economics, investment is defined as
A. the spending by households on human capital and durable goods. B. disposable income plus consumption. C. the spending by businesses on capital goods and inventories. D. disposable income minus consumption.
A tariff is a tax on imports.
Answer the following statement true (T) or false (F)