For Kimbra, the marginal utility of having lawn mowing service once a month is 90 utils. Having the service a second time in a month is 70 utils, and a third time is 50 utils. What is the most likely estimate in utils for having the lawn mowing service a fourth time in a month?
a. 50
b. 30
c. 10
d. 0
b. 30
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Other things equal, when the real interest rate falls, C, I and NX ________ and the output gap will ________
A) decrease; decrease B) decrease; increase C) increase; increase D) increase; decrease
If two individuals have identical schooling, their incomes will be equal
a. True b. False Indicate whether the statement is true or false
The incidence of a payroll tax
a. depends upon whether it is levied on the employer or employee. b. is the same whether it is levied on the employer or the employee. c. is more heavily on the employee as demand for labor becomes more elastic. d. is more heavily on the employer as demand for labor becomes less elastic.
The Marginal Propensity to Consume (MPC) is defined as the change in
a. C over the change in DI. b. income over the change in disposable income. c. DI over the change in C. d. total income over the change in net income.