Figure 10-2
At which point in is the economy experiencing an economic boom?
a.
G
b.
I
c.
F
d.
H
a
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Refer to Scenario 3. Diminishing marginal returns are incurred when output is increased from:
A) 1 to 2 units of output. B) 2 to 3 units of output. C) 3 to 4 units of output. D) 4 to 5 units of output.
Income elasticity will be positive for:
A. all normal goods. B. all inferior goods. C. only necessities. D. only luxury goods with substitutes.
The market price is
A. usually higher than the equilibrium price. B. always easy to determine. C. the typical price at which a good or service sells. D. the exact price a product sells for at a specific time.
A consumer's optimum is found when
A) the marginal utility of the last dollar spent equals zero for each good. B) the marginal utility of each good is increasing and the total income is spent. C) the total utility of each good is the same and the total income is spent. D) the marginal utility of the last dollar spent on each good is the same and all income is spent.