What's the relationship between total utility (TU) and marginal utility (MU)?
a. MU of a good is the sum of its TU, assuming that TU is positive
b. MU is the change in TU divided by the change in quantity
c. MU is TU divided by the quantity of goods consumed
d. TU of a good is the sum of all changes in the MUs of that good
e. MU = TU as long as the change in TU is constant
B
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What most accurately describes the U.S. compared to other nations in the early 1900s?
a. The U.S., which was still quite young, was one of the least productive nations in the world in both the agricultural and manufacturing sectors. b. The U.S., Great Britain and Germany were the three most industrialized nations. c. The industrial output in the U.S. was about average compared the rest of the nations in the world. d. The U.S., which had large supplies of land, had a highly productive agricultural sector, but its industrial productivity was quite low relative to that of other nations.
Frictional unemployment would increase when
A. the number of individuals who quit one job to find another increases. B. discouraged workers drop out of the work force. C. migrant workers are unemployed after harvest season. D. workers are replaced by machines in production.
Economic profit is always
A) greater than accounting profit. B) equal to accounting profit. C) less than accounting profit. D) equally likely to be either greater or less than accounting profit.
An incentive is:
A. the marginal cost of engaging in a course of action. B. rational behavior that involves thinking on the margin. C. something that causes people to behave in a certain way by changing trade-offs they face. D. the marginal benefit of engaging in a course of action.