The marginal utility of leisure time appears to:
A. Be the same even for people with widely different incomes
B. Be exempt from the law of diminishing marginal utility
C. Increase as the quantity of available leisure time decreases
D. Equal zero for successful business executives
C. Increase as the quantity of available leisure time decreases
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Which of the following is excludable but not rivalrous in consumption?
a. Cable television b. Non congested toll roads c. Near empty gold courses. d. All of the above.
Suppose output is $35 billion, government purchases are $10 billion, desired consumption is $15 billion, and desired investment is $6 billion. Net foreign lending would be equal to
A) -$4 billion. B) -$2 billion. C) $2 billion. D) $4 billion.
Inventory accumulation occurs whenever
a. output is less than spending. b. output exceeds spending. c. investment exceeds saving. d. a deficit budget occurs.
The law of demand says that the lower the price charged for a good, ceteris paribus, the:
A. greater the quantity demanded per period of time. B. greater the demand for the good per period of time. C. smaller the demand for the good per period of time. D. smaller the quantity demanded per period of time.