Total utility is best defined by which of the following?
a. The total satisfaction received from consuming a particular amount of a product
b. The additional satisfaction received from consuming one more unit of a product
c. The maximum amount of satisfaction from consuming a product
d. The change in marginal utility multiplied by the price of a product
Ans: a. The total satisfaction received from consuming a particular amount of a product
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If tax reduction and simplification are effective, then
A) fewer new firms will be established, since existing firms will make more profit. B) saving and investment in new capital will increase. C) interest rates will rise in financial markets and demand for financial assets falls. D) real wages will rise as labor supply and demand increase.
Classical economists believed that if investment were greater than saving, the interest rate would _____, causing saving to _____ and investment to _____ until the two were equal
a. rise; decrease; increase b. fall; decrease; increase c. fall; increase; decrease d. rise; increase; decrease e. fall; increase; increase
Employers choose to offer efficiency wages because:
A. they give employees an incentive to work hard to keep their jobs. B. it will reduce turnover, saving the employer time and money to hire and train new workers. C. it has proven to make workers more productive. D. All of these are true.
Active labor market policies:
What will be an ideal response?