How is utility defined?
A. ease of use
B. government provided goods like electricity
C. the satisfaction experienced from consuming a good
D. the change in benefit from producing one additional unit of a good
Answer: C
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Suppose the price of gasoline is $3.50 per gallon, the quantity of gasoline demanded is 150 billion gallons per year,
the price elasticity of demand for gasoline is -0.06, and the federal government decides to increase the excise tax on gasoline by $1.00 per gallon, which increases the price of gasoline by $0.75 per gallon. What is the new equilibrium quantity of gasoline demanded after the tax is imposed? A) 109.72 billion gallons per year B) 127.25 billion gallons per year C) 148.27 billion gallons per year D) 161.61 billion gallons per year
Problems are most likely to arise when:
A. complete information is impossible to obtain. B. people have good enough information to make acceptable choices. C. one person knows more than another. D. both parties lack the same information.
Consumption spending is $4.5 billion, gross private domestic investment is $3 billion, and government purchases are $2 billion. If GDP is $14 billion, which of the following could be true regarding exports and imports in the economy?
A) Exports are $4.5 billion, and imports are $2 billion. B) Exports are $6 billion, and imports are $8.5 billion. C) Exports are $9 billion, and imports are $6 billion. D) Exports are $15 billion, and imports are $10.5 billion.
If the Fed buys government securities from the non-bank public, then
A) reserves at banks decrease. B) deposits at banks increase and banks' reserves increase. C) deposits at banks increase and banks' reserves decrease. D) loans at banks decrease. E) deposits at banks decrease and banks' reserves increase.