When Alex eats 1 slice of pizza, his total utility is 80; when Alex eats 2 slices of pizza, his total utility is 120. Alex's marginal utility from the second pizza is
A) 200.
B) 80.
C) 60.
D) 40.
D
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Assume that emissions from electric utilities contribute to pollution in the form of acid rain. Which of the following describes how this affects the market for electricity?
A) The equilibrium in the market is not efficient; consumer surplus is equal to producer surplus. B) The equilibrium in the market is not efficient; because of the cost of the acid rain, economic efficiency would be greater if more electricity were produced. C) A deadweight loss occurs; at equilibrium the additional social cost of production is greater than the additional benefit to consumers. D) The equilibrium in the market is not efficient; the marginal benefit from electricity is greater than the marginal social cost.
Marking to market involves
A) changing the futures price to the spot price each day. B) engaging in arbitrage so as to reduce the risk involved with futures contracts. C) crediting or debiting the margin account based on the net change in the value of the futures contract. D) updating the futures price after the market closes each day.
What is a shortcoming of price control legislation?
a. Price controls lower the quantity supplied. b. Price controls create surpluses. c. Price controls decrease the quantity demanded. d. All of the above are shortcomings of price controls.
Answer the following questions true (T) or false (F)
1. Contractionary fiscal policy actions will lead to a decline in farmland values and farm equity as net farm incomes decline. 2. Exports are financially recorded as negative entries in the balance of payments since the products leave the U.S. 3. An increase in U.S. interest rates would cause a decrease in the demand for U.S. dollars.