Refer to the information provided in Table 6.1 below to answer the question(s) that follow.
Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. Diminishing marginal utility sets in after the ________ soda per day.
A. first
B. second
C. third
D. fourth
Answer: A
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A) decreases B) depends on the initial quantity produced C) increases D) remains the same
The marginal revenue product of land curve indicates
a. the additional output generated by an additional unit of land, other things constant b. the additional cost to the firm when it employs an additional unit of land, other things constant c. the additional profit the firm earns when it employs an additional unit of land, other things constant d. the additional revenue the firm earns when it employs an additional unit of land, other things constant e. the amount of land required to produce an additional unit of output, other things constant
Child mortality rates are much higher in middle-income countries than in low-income countries
Indicate whether the statement is true or false
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.