Marginal utility is defined as
A) the increase in utility divided by the total number of units consumed.
B) the total utility divided by the total number of units consumed.
C) the change in total utility divided by the change in number of units consumed.
D) the number of units consumed divided by the total utility.
Answer: C
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The economic expansion which began in 1933 was due to
A. the fact that business had hit bottom and was ready to rebound. B. The efforts of the Roosevelt Administration to stimulate the economy. C. Both the efforts of the Roosevelt Administration and the readiness of business to rebound. D. Neither the efforts of the Roosevelt Administration nor the readiness of business to rebound.
The law of diminishing marginal returns
A) sets in because not all workers are equally productive. B) applies only in the short run. C) holds even when there are no fixed factors. D) ultimately explains why production displays diseconomies of scale.
Comparative advantage is the ability, compared with another producer
A. to produce an additional unit of a product at lower opportunity cost. B. to produce a higher-quality product with fewer resources. C. to use fewer inputs to produce the same amount of a product. D. to produce more of a product with the same resources.
An issue never confronted effectively by GATT, but considered an important issue for WTO is that of
A) the promotion of freer World trade. B) the promotion of freer World commodity trade. C) the promotion of freer World services trade. D) the lowering of tariff rates. E) the liberalization of trade.