Which of the following measures includes the effects of taxes?
a. Net national product
b. Gross national product.
c. National income.
d. Personal income.
d
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As a consumer buys more of a good, total utility eventually becomes negative
a. True b. False
The development of new technology typically:
a. shifts the supply curve to the right. b. reduces profits. c. results in a downward movement along a supply curve. d. increases costs of production. e. shifts the demand curve to the right.
Merit goods
A. are provided for those who behave themselves and play nice. B. should be provided even if there is no demand for them. C. increase in costs along with demand. D. none of these answer options are correct.
While waiting in line to buy two tacos at 80 cents each and a medium drink for 90 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $3 . For Jordan, the marginal cost of the third taco would be:
a. zero. b. 50 cents. c. 80 cents. d. $1.