The additional utility gained from consuming an additional unit of a good is called:
A. marginal utility.
B. total utility.
C. costly utility.
D. a util.
Answer: A
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When a business is considered by law to be a legal entity, it is known as a
A) partnership. B) conglomerate. C) corporation. D) proprietorship.
Food stamps and Medicaid are examples of
a. money transfers b. resource earnings c. in-kind transfers d. tax expenditures e. capital gains
If the quantity demanded of milk is 55,000 gallons and the quantity supplied of milk is 80,000 gallons, then
a. there is an excess supply of 25,000 gallons of milk b. the price of milk will rise to clear the market c. consumers get the milk they demand so equilibrium exists d. there is an excess demand of 25,000 gallons of milk e. the supply curve is greater than the demand curve
Chad and Libya are two economies in Africa. Suppose Libya's national income is twice the size of Chad's but Libya's economic growth is only half the growth rate of Chad's. Suppose as well that the MPC in each is 0.75 . You would expect then that the
a. level of investment is higher in Chad than in Libya but the level of saving is higher in Libya than in Chad b. level of investment is lower in Chad than in Libya but the level of saving is lower in Libya than in Chad c. level of investment and of saving is higher in Chad than in Libya d. level of investment and of saving is lower in Chad than in Libya e. consumption is greater than saving in Chad but lower than saving in Libya