Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, and 15, respectively. The marginal utility of the second unit consumed is:
a. 0.
b. 4.
c. 12.
d. 20.
b
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COLA stands for:
A. cost-of-living aggregate. B. capital operations leasing adjustment. C. capital operations leasing agreement. D. cost-of-living adjustment.
In the absence of technological progress, we know that the level of output per worker in the steady state will
A) increase over time. B) remain constant. C) decrease as a result of decreasing returns to scale. D) increase or decrease, depending on the rate of saving. E) increase or decrease, depending on the rate of depreciation.
When there few close substitutes available for a good, demand tends to be
A) perfectly inelastic. B) perfectly elastic. C) relatively inelastic. D) relatively elastic.
A change in the public's desire to hold money will
A) shift the IS curve. B) change the slope of the IS curve. C) shift the LM curve. D) change the slope and position of the LM curve.