________ is an example of a public good.
A. A medical service
B. National defense
C. An automobile
D. A restaurant meal
Answer: B
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Refer to Table 10-2. Holding prices constant, when Keira's income changed from $18 to $23, what happens to her total utility and to the marginal utilities of the last cup of soup and the last sandwich purchased?
A) Her total utility and the marginal utility of the last sandwich consumed increase but marginal utility of the last cup of soup consumed decreases. B) Her total utility and the marginal utility of the last cup of soup consumed increase but marginal utility of the last sandwich consumed decreases. C) Her total utility decreases but the marginal utilities of the last cup of soup and the last sandwich consumed increase. D) Her total utility, the marginal utility of the last cup of soup consumed, and the marginal utility of the last sandwich consumed all increase. E) Her total utility increases but the marginal utilities of the last cup of soup and the last sandwich consumed decrease.
An asset that can easily be exchanged for goods and services is referred to as:
a. an intangible asset. b. a productive resource. c. a liquid asset. d. a fixed asset. e. a scarce resource.
If the quantity of one good that must be forgone increases as successive units of another good are produced, then there is said to be increasing opportunity cost between the two goods
a. True b. False Indicate whether the statement is true or false
GDP is a measure of all of the following EXCEPT
A. the total value of expenditures. B. the overall level of economic activity. C. the total of production. D. overall welfare.