Suppose that the price of telephones decreases. If more are purchased then:
a. the total utility of telephones will decrease.
b. the total utility of telephones will be unchanged.
c. the marginal utility of telephones will likely increase.
d. the marginal utility of telephones will likely decrease.
e. both a and d.
d
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The above table presents data from the nation of Pacifica. When real GDP equals $2.0 trillion, aggregate planned expenditure equals
A) $3.75 trillion. B) $5.00 trillion. C) $5.50 trillion. D) $4.00 trillion. E) $6.00 trillion.
Between 1850 and 1860 the prices of slaves ____ than the price of cotton
a. increased more b. decreased more c. increased less d. decreased less
Market failure implies that a policy of laissez-faire:
A.) Leads the economy to a point beyond the production possibilities curve. B.) Leads the economy to an undesirable point on the production possibilities curve. C.) Is superior to government intervention. D.) Causes government failure.
The funds to pay for police protection typically came from taxes because
What will be an ideal response?