Which of the following statement(s) is (are) false?
A) If the change in total utility for apples is 50 utils and the change in consumption of apples is 5 units, then marginal utility is 10.
B) Economists do not actually need to measure the level of satisfaction to discern preferences for alternative combinations of goods.
C) The concept of elasticity of demand was originated by Alfred Marshall.
D) None of the above (that is, all statements are true).
Answer: D
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What do economists mean when they characterize households and firms as forward looking?
What will be an ideal response?
In 2015, the U.S. gross national debt was _____
a. about $1 million b. about $1 billion c. $1 trillion d. $3 trillion e. about $18 trillion
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. If policy makers take an action at time t2, the impact on the economy will not be at time t2 because
A. of the response lag. B. economic policies are ineffective. C. of the recognition lag. D. of the implementation lag.
When expectations are rational,
a. a foreseen expansionary policy action does not alter output. b. there cannot be any inflation. c. a foreseen expansionary policy action changes output. d. there is zero unemployment.