The rate of change in total utility equals
A. marginal utility.
B. the rate of change in marginal utility divided by the price.
C. the change in marginal utility divided by the change in quantity.
D. the change in marginal utility associated with eating all the quantities a person can handle.
Answer: A
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Suppose there are only two goods: food and clothing. What does it mean for the U.S. to have a comparative advantage in food production?
a. The U.S. needs fewer resources to grow a given amount of food than do other nations. b. The U.S. sacrifices less clothing production to grow a given amount of food than do other nations. c. In the U.S., food production needs fewer resources than does a comparable amount of clothing production. d. In the U.S., food production costs less than does clothing production.
The value of currently produced final goods and services measured in current year prices is called:
A) real GDP. B) nominal GDP. C) imputed values. D) inflation.
The demand for euros in the foreign exchange market equals 8,000 - 2,000 e and the supply of euros in the foreign exchange market equals 3,000 + 3,000 e, where e is the nominal exchange rate expressed in U.S. dollars per euro. If the euro is fixed at 1.25 U.S. dollars per euro, then the euro is ________ and Euroland has a balance-of-payments ________.
A. undervalued; surplus of 1,250 euros B. overvalued; surplus of 1,250 euros C. overvalued; deficit of 1,250 euros D. undervalued; deficit of 1,250 euros
It is difficult to test whether the velocity of money is constant over time because
A. there is only one definition of the money supply. B. there has been very little variation in the money supply over time. C. there may be a time lag between a change in the money supply and its effects on nominal GDP. D. it is difficult to measure the value of nominal GDP over time.