Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, 15, respectively. The marginal utility of the third unit consumed is:
a. 2.
b. 14.
c. 3
d. 34.
a
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The simple deposit multiplier is:
A) 1/excess reserves. B) 1/reserve requirement. C) 1/deposit requirement. D) none of the above.
How does monopoly product quality compare to the quality a social planner would choose? a. The monopolist targets the marginal consumer's valuation of quality, whereas the social planner targets the average consumer's. This leads the monopolist to make inefficiently low-quality products. b. The monopolist targets the marginal consumer's valuation of quality, whereas the social planner targets
the average consumer's. This leads the monopolist to make inefficiently high-quality products. c. There is no difference due to a standard neutrality argument. d. None of the above.
Suppose in an economy, investment = $40, saving = $50, government spending+export = $100 and taxes+imports = $110 . Then for this economy, total leakages exceed total injections by:
a. $30. b. $25. c. $10. d. $45. e. $20.
Assuming that the demand for a good has increased and the supply of a good has decreased by the same amount, then: a. The change in price is determinate but the change in quantity is indeterminate. b. The change in quantity is determinate but the change in price is indeterminate. c. Both the change in price and the change in quantity will be indeterminate
d. Neither the change in price nor the change in quantity will be indeterminate.