A ten-year-old boy spent his allowance on a soccer ball and a baseball glove. He said he could not be happier buying anything else. The price of the ball was $5, while the price of the glove was $10 . If the marginal utility he received from the ball was 15 utils, then:
a. the marginal utility he received from expenditure on the glove was 3 utils.
b. the marginal utility he received from expenditure on the glove was 30 utils.
c. the total utility per dollar he received from expenditure on the glove was 3 utils.
d. the total utility per dollar he received from expenditure on the glove was 10 utils.
e. the marginal utility he received from the expenditure of the glove was 10 utils
b
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If workers' money wage rates increase by 5 percent and the price level remains constant, workers'
A) quantity of labor supplied will decrease. B) quantity of labor supplied will increase. C) quantity of labor supplied will not change. D) demand for jobs will decrease.
Possible ways for the Fed to increase the money supply include ________ the rediscount rate and ________ reserve requirements
A) lowering, lowering B) lowering, raising C) raising, lowering D) raising, raising
When one observes consumption and investment patterns over time, one finds that:
a. like consumption, investment is fairly stable over time. b. like consumption, investment is fairly erratic over time. c. unlike consumption, which is fairly stable over time, investment is subject to erratic fluctuations. d. unlike consumption, which is subject to erratic fluctuations, investment is fairly stable over time. e. investment is rarely affected by technological and economic factors.
Under oligopoly, a kinked-demand curve would explain why firms:
A. undertake new investment. B. are approximately the same size. C. avoid price wars. D. have different levels of efficiency.