If total utility increases from 10 to 15 for the second unit of a good consumed, the marginal utility of the second unit is 25
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 9-2. The tariff revenue collected by the government equals the area
A) D + E + F. B) B + D + E + F. C) E. D) C + D + E + F.
Which of the following is the best example of two inputs that would exhibit a constant marginal rate of technical substitution?
A) trucks and truck drivers B) natural gas and oil C) personal computers and clerical workers D) company-employed computer programmers and temporary supplemental computer programmers
If Holly's demand for fast food decreases as her income rises, then
a. fast food is a normal good for her b. the law of demand must apply c. fast food is a complementary good d. fast food is an inferior good for her e. fast food is a substitute good
If loans are $300,000 . demand deposits are $600,000 . and the legal reserve requirement is 40 percent, then excess reserves are
a. $360,000 b. $240,000 c. $120,000 d. $60,000 e. $30,000