Which of the following is not held constant along a given demand curve for a good?
A. The price of substitute goods.
B. Consumer's income.
C. Price of the good itself (own price).
D. Consumer tastes.
Answer: C
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The marginal utility of a unit of good X
a. is always greater than the total utility of X. b. is always less than the average utility of X. c. generally depends on how much X the consumer already has. d. is always equal to the price of X.
Federal government spending on Social Security, Medicare, and Medicaid as a percentage of GDP rose from
a. 10 percent in 1950 to more than 50 percent today. b. 10 percent in 1950 to more than 20 percent today. c. 1 percent in 1950 to more than 10 percent today. d. 1 percent in 1950 to more than 20 percent today.
For several years, a company with a patent can enjoy ______.
a. sharing technology openly b. freedom from regulation c. fair competition d. a monopoly
Which of the following people owns common stock?
a. Lance, who may get a dividend depending upon how a company performs. b. Vivian, who has no ownership in the company she is investing in. c. Marti, who gets paid before anyone else if the company has problems. d. Natasha, who has no voting rights in the company she invested in.