If an individual's demand is elastic and price increases, what happens to total utility (TU), marginal utility (MU), consumer surplus (CS), and total expenditure (TE)?
a. TU increases, MU decreases, CS decreases, and TE decreases
b. TU increases, MU increases, CS increases, and TE decreases
c. TU decreases, MU increases, CS decreases, and TE increases
d. TU decreases, MU decreases, CS decreases, and TE decreases
e. TU decreases, MU increases, CS decreases, and TE decreases
E
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Use the following data to answer the next question. The disposable income (DI) and consumption (C) schedules are for a private, closed economy (an economy with no government and no international trade). All figures are in billions of dollars.Disposable IncomeConsumption$10,000$12,00018,00018,00026,00024,00034,00030,00042,00036,00050,00042,000If disposable income is $42,000, then saving is
A. $4,000. B. $2,000. C. $6,000. D. $0.
In the figure above, which movement could be the result of an increase in the wages paid to oil workers?
A) point a to point e B) point a to point b C) point a to point c D) point a to point d
A market economy is an economy where:
a. economic decisions are passed down from government authority and resources are owned by the government. b. economic decisions are economic decisions are centralized, resources are owned by private individuals, and businesses supply goods and services based on demand. c. economic decisions are decentralized, resources are owned by private individuals, and businesses supply goods and services based on demand. d. economic decisions are passed down from government authority and resources are owned by individuals.
In the contemporary United States, labor productivity has been growing at approximately
a. 1.5 percent per year b. 2.0 percent per year. c. 2.6 percent per year. d. 3.9 percent per year.