When marginal utility is __________, total utility is __________.
A. positive; increasing
B. zero; maximized
C. negative; decreasing
D. All of the choices are correct.
D. All of the choices are correct.
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There is an inverse relationship between the price of a bond and its current yield.
Answer the following statement true (T) or false (F)
Classical economics refers to an era in the history of economic thought that stretched from about
A) 1750 to the early 1900s. B) 1935 to the 1970s. C) 1800 to the mid 1900s. D) 1600 to the mid 1800s.
Output for a simple production process is given by Q = KL, where K denotes capital and L denotes labor. The price of labor is $10 per unit and the price of capital is $2 per unit.Suppose at the current level of production the firm is minimizing costs and the marginal product of labor is 10. Given this you know that the marginal product of capital must be
A. 5. B. 10. C. 2. D. It is impossible to say with the information given
The table below shows the pre-tariff and post-tariff prices, domestic production, and consumption of copper in the United States. Suppose the U.S. government imposes a specific tariff of $0.20 per pound on copper imports by the country. Pre-tariffPost-tariffWorld price$0.50 per lb.$0.40 per lb.U.S domestic price$0.50 per lb.$0.60 per lb.U.S consumption250 million lb.210 million lb.U.S production100 million lb.140 million lb. a. Calculate the loss to U.S. consumers of copper from the tariff.b. Calculate the gain to U.S. producers of copper from the tariff.c. Calculate the revenue collected by the U.S. government from taxing copper imports.d. Calculate the net gain or loss to the U.S. economy as a whole from the tariff.
What will be an ideal response?