Refer to the diagram. The marginal utility of the third unit of X is:
A. 5.
B. 4.
C. 2.
D. 15.
B. 4.
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When two goods are perfect substitutes, averages are better than extremes, resulting a diminishing marginal rate of substitution. Â
Answer the following statement true (T) or false (F)
Everything else held constant, the interest rate on municipal bonds rises relative to the interest rate on Treasury securities when
A) income tax rates are lowered. B) income tax rates are raised. C) municipal bonds become more widely traded. D) corporate bonds become riskier.
A major advantage of the ________ production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method
A) cubic B) power C) quadratic D) None of the above
In the 19th century, hospitals had notorious reputations—questionable places to visit, risky places to stay. A number of advances changed all this and led to the transition to the modern hospital system. Which of the following changes had nothing to do with the transition?
a. Advances in medical technology b. Availability of health insurance to pay the bills c. Urbanization d. An aging population and the increased incidence of chronic illness that followed e. Development of the germ theory of disease