Marginal utility is the ______ satisfaction generated by consumption of an additional good or service during a specific time period.
a. expected
b. extra
c. negative
d. universal
b. extra
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This year a firm produces $100 million worth of cars this year and sells $102 million worth of cars. Which of the following is true?
A) GDP for this year will increase by $100 million. B) GDP for this year will increase by $102 million. C) Inventory investment will increase by $2 million. D) GDP for this year will increase by $202 million. E) The premise of the question is wrong because it is impossible for a firm to sell more than it produces in a given time period.
Expansionary monetary policy consists of all of the following EXCEPT
A) open market sales. B) lower interest rates. C) increased monetary base. D) increased money supply.
When a voter chooses to remain ignorant when the opportunity costs of gathering information outweigh the benefits, it is called:
A. trigger mechanisms. B. instinct theorem. C. irrational voting. D. rational ignorance.
The interest rate that equates the price of a bond with the present value of its payments:
A. should always be greater than the coupon rate. B. should be the one that makes the value equal to the par value of the bond. C. will vary inversely with the value of the bond. D. will vary directly with the value of the bond.