The change in the total utility as a result of increasing consumption by one unit is known as
A. marginal utility.
B. proportional utility.
C. utils.
D. average utility.
Answer: A
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What has happened to health care's share of gross domestic product in the United States since 1965? How does this compare to what has happened to out-of-pocket spending on health care as a percentage of all spending on health care?
What will be an ideal response?
If the firm is able to reduce MC from MC0 to MC1 the firm will produce at point ________ on the new demand curve and lower price to ________
A) E1; P1 B) E0; P0 C) E2; P2 D) E0 or E1; P0
Economic theory predicts that if the government imposes a minimum wage above the equilibrium wage, then:
A. firms' labor costs will fall. B. employment will fall. C. total economic surplus will rise. D. all workers will be better off.
If a person is taxed $100 on an income of $1,000, taxed $180 on an income of $2,000, and taxed $220 on an income of $3,000, this person is paying a:
A. progressive tax. B. poll tax. C. proportional tax. D. regressive tax.