If a person could increase total utility by purchasing more candy and fewer apples, then the
a. total utility from candy must exceed the total utility from apples
b. marginal utility of candy must exceed the marginal utility of apples
c. marginal utility per dollar spent on candy must exceed the marginal utility per dollar spent on apples
d. total utility per dollar spent on candy must exceed the total utility per dollar spent on apples
e. marginal utility per dollar spent on candy must be less than the marginal utility per dollar spent on apples
C
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Which of the following is NOT a necessary condition for oligopoly?
A) barriers to entry B) strategic dependence of firms C) differentiated products D) either a small number of firms or market dominance by a small number of firms
If a pair-wise majority vote was held and the voters' preferences are shown in the table, assuming public zoo and transportation was the first pair to be voted on, which voter will be happiest with the outcome?
A. Bob
B. Carlo
C. Abby
D. Abby and Bob will be equally happy.
If net exports decrease by $20 billion and the economy's MPC is .5, the aggregate demand curve will shift ________.
A. rightward by $20 billion at each price level B. rightward by $40 billion at each price level C. leftward by $40 billion at each price level D. leftward by $20 billion at each price level