To maximize total utility, a consumer should buy goods with ______.
a. the highest marginal utility overall
b. the lowest marginal utility overall
c. the highest marginal utility per dollar
d. the lowest marginal utility per dollar
c. the highest marginal utility per dollar
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Business cycles
a. no loner exist in the new economy. b. can be eliminated with the appropriate use of fiscal and monetary policies. c. are usually of equal intensity and length. d. are a natural consequence of the workings of a free market economy.
Dumping is
a. the sale of a good by a foreign supplier in another country at a price below that charged by the supplier in its home market. b. an inappropriate method for getting rid of byproducts from a production process. c. a method to increase competitiveness in a market. d. all of the above. e. both a and c above.
Which of the following represents a price elastic supply?
A) The quantity demanded increases 18 percent as a result of a decrease in the price of 8 percent. B) The price rises by 8 percent causing the quantity demanded to fall by 10 percent. C) The quantity supplied increases by 21 percent as a result of an increase in the price of 12 percent. D) The price rises by 22 percent causing the quantity supplied to increase by 3 percent.
If real GDP grows by 3% in 2014, 3.2% in 2015, and 2.5% in 2016, what is the average annual growth rate of real GDP?
A) 2.6% B) 2.9% C) 3.1% D) 4.2%