Total utility describes
A) the benefit gained from all consumption.
B) an increase in consumption multiplied by the gain in utility.
C) total consumption multiplied by marginal utility.
D) total consumption divided by marginal utility.
A
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The level of real GDP the economy produces at full employment is
A) never reached in reality. B) nominal GDP. C) called the Lucas level. D) real GDP. E) potential GDP.
In May 1991, the FDIC announced that it would sell the government's final 26% stake in Continental Illinois, ending government ownership of the bank that it had rescued in 1984
The FDIC took control of the bank, rather than liquidate it, because it believed that Continental Illinois A) was a good investment opportunity for the government. B) could be the Chicago branch of a new governmentally-owned interstate banking system. C) was too big to fail. D) would become the center of the new midwest region central bank system.
Over time, carpenters become aware of more attractive employment opportunities outside of carpentry. Does this development affect the demand for carpenters, or does it affect the supply of carpenters?
Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table.Number of Mugs Per DayTotal Cost Per Day0$101$142$193$254$325$406$49 If the market for mugs is perfectly competitive, and mugs sell for $7.50 each, then Chris should make ________ mugs per day.
A. 4 B. 5 C. 6 D. 0