Marginal utility is the change in:
A. total utility when an extra unit of output is produced.
B. marginal utility when an extra unit of output is consumed.
C. total utility when an extra unit of output is consumed.
D. average utility when an extra unit of output is consumed.
Answer: C
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Figure 11-3
In Figure 11-3, one can tell from the graph that the monopolist will earn a positive profit only if
A. the price exceeds $3. B. the price exceeds $2. C. output is less than 60 units. D. One cannot tell from the information given.
If a country removes a tariff on imported shoes, we expect the domestic price of shoes to _______ and the quantity of shoes consumed in the domestic market to ________ .
A) fall; fall B) fall; rise C) rise; fall D) rise; rise
The official poverty level is based on pretax income including cash. Which of the following statements is correct regarding this official specification of poverty?
A. This is a good definition of poverty because it is easy to measure. B. This is a good definition of poverty since it is made up of the income from productive resources. C. This is not a good definition of poverty because our tax structure consists of the same tax rate for different income brackets D. This is not a good definition of poverty because it does not include in-kind subsidies.
Monthly payments on "negative-amortization" mortgages typically increase over the life of the mortgage.
Answer the following statement true (T) or false (F)