Refer to the information provided in Table 6.2 below to answer the question(s) that follow.
Table 6.2Number ofCandy Bars per DayTotal UtilityMarginal Utility140?275?3100?4115?5?5Number ofHot Dogs per DayTotal UtilityMarginal Utility130?254?372?484?5?6Refer to Table 6.2. The marginal utility of the second candy bar per day is
A. 10.
B. 15.
C. 35.
D. 55.
Answer: C
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Suppose the actual and expected price levels in an economy are initially equal. However, the actual price level falls eventually due to a change in economic conditions. Which of the following will occur over the long run?
a. The economy will move rightward along the short-run aggregate supply curve. b. The economy will move leftward along the short-run aggregate supply curve. c. The short-run aggregate supply curve will shift to the right. d. The short-run aggregate supply curve will shift to the left. e. The short-run aggregate supply curve will become flatter.
Other things being constant, countries with higher rates of saving
a. will have smaller GDPs than countries with lower rates of saving. b. will have higher rates of investment, but slower growth. c. will have higher rates of investment and growth. d. will be operating at less than full employment and potential output.
Which of the following statements is correct, when the exchange rate changes from €2/$ to €1.5/$?
a. The euro appreciates and the dollar depreciates. b. The euro (€) depreciates. c. The dollar ($) appreciates. d. Both the euro and the dollar appreciate. e. The euro depreciates and the dollar appreciates.
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.