If total utility is increasing, marginal utility:
A. is positive but may be either increasing or decreasing.
B. must also be increasing.
C. may be either positive or negative.
D. will be increasing at an increasing rate.
A. is positive but may be either increasing or decreasing.
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An inferior good is one that consumers buy in smaller quantities when incomes rise.
Answer the following statement true (T) or false (F)
If voters lack an economic incentive to become informed about pending legislation, then their preferences become a constraint on legislators voting for rent-seeking legislation
Indicate whether the statement is true or false
Which of the following people would be considered structurally unemployed?
a. A computer operator who loses his job due to obsolete job skills b. A landscaper who loses her job in the winter c. A construction worker who cannot work due to rainy weather d. A college graduate entering the labor force for the first time e. An auto worker who is laid off due to a drop in the demand for a certain type of car
When government revenue is less than government spending, the nation has a:
A. government budget deficit. B. trade surplus. C. trade deficit. D. government budget surplus.