Refer to the table above. If there is a sixth unit that Jenny consumes, and the marginal benefit derived from that unit is -1, the total benefit derived when the sixth unit has been consumed is:
A) $0.
B) $3.
C) $29.
D) $39.
C
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Which pair of goods is most likely to have a negative cross-price elasticity?
A. All cross-price elasticities are negative, but often reported in absolute value. B. Peanut butter and jelly. C. Butter and margarine. D. Milk and pencils.
Faced with a large federal budget deficit, the government decides to decrease expenditures and tax revenues by the same amount. This action will affect output and interest rates in which of the following ways?
A) Increase/Increase B) Increase/Decrease C) no change/Decrease D) Decrease/Increase E) Decrease/Decrease
The Social Security system is a(n)
A) ad valorem system. B) ability to pay system. C) progressive tax system. D) pay-as-you-go system.
Which of the following is an example of an external cost?
A) a grove of trees planted in a park in Seattle B) a library built in Philadelphia C) a new, faster computer chip D) an oil spill off the coast of South America E) a student graduating from college