Marginal utility:
A) is equal to total utility divided by the number of units consumed.
B) is equal to total utility if the demand curve is linear.
C) increases as more of a product is consumed.
D) diminishes as more of a product is consumed.
Ans: D) diminishes as more of a product is consumed.
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Some states require that unions represent non-union workers who don't pay dues in their collective bargaining negotiations
Explain using economic logic how this might result in fewer unions than would otherwise be the case if these types of laws did not exist.
The inflation rate has been 7 percent for 10 years, and the nominal interest rate has been 6 percent during this same time period. Suddenly, the public anticipates that the inflation rate will be 6 percent this coming year. The real rate of interest for the coming year is
A. 0 percent. B. 13 percent. C. 2 percent. D. 4 percent.
Which of the following is not an example of capital used in production?
a. a teacher's chalkboard b. a manufacturer's factory c. a landscaper's time d. an accountant's education
Suppose you will receive $500 at some point in the future. If the annual interest rate is 7.5 percent, then the present value of the $500 is
a. $411.26 if the $500 is to be received in 5 years and $338.95 if the $500 is to be received in 10 years. b. $348.28 if the $500 is to be received in 5 years and $242.60 if the $500 is to be received in 10 years. c. $291.11 if the $500 is to be received in 5 years and $272.89 if the $500 is to be received in 10 years. d. $291.11 if the $500 is to be received in 5 years and $236.49 if the $500 is to be received in 10 years.