Marginal utility can be thought of as
A) the incremental change in a person's total satisfaction level from the consumption of a good.
B) the total change in satisfaction from buying a good.
C) the additional cost of that next good purchased.
D) the opportunity cost of buying the next good.
Answer: A
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Taxes on emissions have led to
a. extraction of pollutants by firms from their liquid discharges. b. recycling of pollutants in lieu of discharge as waste. c. voluntary reduction in emissions to avoid the taxes. d. all of the above.
Compared to IACs, LDCs are often characterized by:
A. higher life expectancy. B. higher adult literacy rates. C. higher daily calorie supply. D. lower per capita energy consumption.
Which of the following statements is a normative as opposed to a positive economic statement?
A. Consumer spending helps to create jobs. B. Labor unions should be allowed to organize in every country. C. When a government prints too much money, inflation tends to rise. D. If the price of cars goes up, people buy fewer cars.
In the basic aggregate demand - aggregate supply model, a decrease in the price of oil will in the short run lead to _____ in the unemployment rate and ______ in the price level.
Fill in the blank(s) with the appropriate word(s).