Which of the following is the study of economic policy recommendations?
a. positive economics
b. law and economics
c. microeconomics
d. development economics
e. normative economics
E
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The tragedy of the commons is the absence of incentives to
A) correctly measure the marginal social benefit from a common resource. B) prevent under use of the common resource. C) prevent overuse and depletion of a common resource. D) discover the common resource.
Which of the following is a substitute way of describing what economists mean by the concept of utility?
a. money b. displeasure c. satisfaction d. action e. practicality
Banks create money in the economy by:
A. charging higher interest on savings than loans. B. charging higher interest on loans than savings. C. loaning out all of their deposits to borrowers. D. loaning out part of each deposit, which will be redeposited by someone else.
Refer to the information provided in Figure 6.9 below to answer the question(s) that follow.
Figure 6.9Refer to Figure 6.9. The marginal utility of the second video game rental is
A. 8. B. 10. C. 25. D. 40.