Jose has just eaten another hot dog and his total utility decreased. This means that Jose's marginal utility for this additional hot dog is
A) positive.
B) negative.
C) zero.
D) not determinable without more information.
Answer: B
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The consumption function shows the relationship between planned real consumption spending and
A) planned real saving. B) the average propensity to consume. C) real disposable income. D) the marginal propensity to consume.
If property taxes were increased in a city, what would be the most likely effect on residential rents after two or three months? They would probably
A) fall. B) rise in proportion to taxes. C) rise more than in proportion to taxes. D) stay roughly unchanged.
Refer to Figure 9-2. As a result of the tariff, domestic producers increase their quantity supplied by
A) 31 million pounds of rice. B) 22 million pounds of rice. C) 15 million pounds or rice. D) 6 million pounds of rice.
Which type of investor is most likely to have a diversified portfolio?
A) risk averse B) risk loving C) risk neutral D) risk tolerant