If the total utility Jack receives from 10 gallons of gasoline is 16, and the total utility Jack receives from 11 gallons of gasoline is 20, the marginal utility of the 11th gallon of gasoline is
a. 1
b. 4
c. 7
d. 20
e. 21
B
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If a bank has $6 billion in reserves and loans $2 billion to another bank, then the total quantity of reserves demanded is:
A) $6 billion. B) $8 billion. C) $2 billion. D) $4 billion.
Assume that a fixed exchange rate is overvalued. Describe the situation of a speculative crisis against this currency. What can the central bank do to defend the currency? Why might the alternative of devaluation be preferable?
What will be an ideal response?
A firm can take advantage of economies of scale through
A. Investment decisions to increase capacity. B. A production decision to increase output. C. Investment decisions to reduce capacity. D. A production decision to increase capacity.
Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point E to Point B, there has been
A. a decrease in supply and an increase in quantity demanded. B. a decrease in supply and an increase in demand. C. an increase in supply and an increase in quantity demanded. D. an increase in both supply and demand.