Marginal utility can be measured by the change in:
a. total utility / the change in quantity.
b. income / the change in utility.
c. quantity / the change in income.
d. price / the change in utility.
e. income / the change in price.
a
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By the year 2035, the percentage of the U.S. population over 65 years old is expected to: a. increase substantially. b. increase minimally. c. decrease minimally
d. decrease substantially.
In the short run, product differentiation enables firms in monopolistically competitive markets to:
A. act like perfectly competitive firms. B. sell a standardized good. C. collude with competing firms to set prices. D. act like a monopolist.
Suppose a family from Peru eats in a restaurant in Salt Lake City, Utah. How will this transaction be recorded in U.S. international transactions?
A. It is recorded in the current account as a positive (plus) item. B. It is recorded in the current account as a negative (minus) item. C. It is recorded in the capital account as a positive item. D. It is recorded in the current account as a negative item.
Because marginal revenue product reflects productivity, increases in productivity directly shift
A. input demand curves to the left. B. input demand curves to the right. C. input supply curves to the left. D. input supply curves to the right.