If the total utility derived is 20 utils from two glasses of lemonade and 24 utils from three glasses of lemonade, the marginal utility of the third glass is _____
a. 4 utils
b. 6 utils
c. 20 utils
d. 24 utils
a
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Human capital refers to the
A. number of workers available in the economy. B. tools and equipment available to workers. C. education, training, and skills of workers. D. amount of financing available to start-up firms.
A consumer's willingness to pay:
A. is the maximum price that a buyer would be willing to pay for a good or service. B. is the minimum price that a buyer would be willing to pay for a good or service. C. is his or her reserved minimum bid-price. D. must always equal the seller's willingness to sell.
Suppose the economy's current AD and SRAS curves intersect to the right of Natural Real GDP. Keynesians might advise a policy of tax __________ to shift __________
A) increases; SRAS to the left B) increases; AD to the left C) cuts; SRAS to the right D) cuts; AD to the right
When your outcomes depend on another's choices, asking ________ is the key to good decision making.
A. what the wants and constraints are of those involved B. what the trade-offs are C. how will others respond D. why everyone isn't already doing it