The law of diminishing marginal utility states that:
a. total utility decreases as consumption of a good increases
b. total utility increases as consumption of a good increases.
c. the increase in total utility from consuming an additional unit decreases as consumption increases.
d. the increase in total utility from consuming an additional unit increases as consumption increases.
c
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It is estimated that if the inflation rate is lowered from 3 percent a year to 0 percent a year, the growth rate of real GDP will rise by ________ percentage points a year
A) 2.3 B) 3.2 C) 1 to 3 D) 0.06 to 0.09 E) 0
As the workforce ages,
A) structural and frictional unemployment increase. B) cyclical unemployment declines. C) cyclical unemployment increases. D) the natural rate of unemployment declines.
A movement along the MP curve ________
A) implies an automatic adjustment of the interest rate B) implies an autonomous adjustment to the interest rate C) implies an autonomous adjustment of aggregate demand D) all of the above E) none of the above
Which of the following is not considered a unilateral transfer?
a. foreign aid from one government to another b. income earned from foreign investments c. personal gifts to friends in foreign countries d. donations to foreign countries from non-government domestic charities e. government transfers to foreign residents