The rate at which a consumer is willing to give up consumption in one period for additional consumption in another is known as ________
A) the marginal propensity to save
B) the marginal propensity to consume
C) the marginal rate of substitution
D) the average propensity to consume
C
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A copyright is a legal grant to the holder of exclusive rights for a(n) ________ period of time for a(n) ________.
A) specified; work of authorship B) unspecified; innovation C) specified; innovation D) unspecified; work of authorship
If a firm experiences economies of scale,
a. it moves up along the long run average total cost curve. b. expansion of output becomes more expensive for the firm. c. the firm can reduce its per unit cost by producing less. d. the firm must shut down in the long run. e. the firm can reduce its per unit cost by expanding production.
For a person in a desert community, as compared to being in a non-desert community, water would have
a. lower marginal utility and lower total utility b. lower marginal utility and higher total utility c. higher marginal utility and lower total utility d. higher marginal utility and higher total utility e. zero marginal utility, but higher total utility
Recessions and depressions are the principal examples of
A. market failure. B. coordination failure. C. central planning. D. socialist contradictions.