When total utility is at a maximum, marginal utility is:
a. zero.
b. positive.
c. negative.
d. one.
e. infinite.
a
You might also like to view...
Socialism seeks to abolish the market-price system. In the economic way of thinking, socialism would therefore
A) generate tremendous economic growth. B) overcome scarcity. C) lead to a greater coordination among peoples' production and consumption plans. D) allow everybody the opportunity to seek their comparative advantage. E) accomplish none of the above.
QN=74 (17772) When economists talk about growth in the economy, they measure that growth as the
a. absolute change in nominal GDP from one period to another. b. percentage change in nominal GDP from one period to another. c. absolute change in real GDP from one period to another. d. percentage change in real GDP from one period to another.
Normative economic principles are concerned with how people ________ make decisions while positive economic principles are concerned with how people ________ make decisions.
A. do; should B. in ordinary life; in power C. in power; in ordinary life D. should; do
When no one can be made better off without making someone else worse off, the economy is
a) in a steady state b) operating at full capacity c) Pareto efficient d) autarkic e) operating under oligopolistic conditions