?If a good is offered free of charge, one would:
a. ?stop consuming it when its marginal utility begins to increase.
b. ?never consume it because it has no market value.
c. ?never stop consuming it.
d. ?stop consuming it when its marginal utility begins to fall.
e. ?stop consuming it when its marginal utility has declined to zero.
Ans: e. ?stop consuming it when its marginal utility has declined to zero.
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A) high productivity workers receive low wage rates. B) low productivity workers receive low wage rates. C) no link between productivity and wages earned. D) high productivity workers find that their jobs are often outsourced. E) that workers with high productivity need to have their high wages protected by tariffs.
A demand curve for a normal good
A) slopes upward and to the right. B) is constructed based on the assumption that income is rising. C) is constructed based on the assumption that an inverse relationship exists between price and income. D) shows the inverse relationship between price and quantity demanded.
When we use the term fixed investment, we include in investment
A. the purchase of stocks and bonds. B. the purchase of equipment and other capital goods. C. the purchase of corporate bonds, but not government bonds. D. the purchase of intangible goods.
If real GDP in 2018 (using 2009 prices) is lower than nominal GDP of 2017, then
A) prices in 2018 are lower than prices in 2017. B) nominal GDP in 2018 equals nominal GDP in 2017. C) prices in 2018 are higher than prices in 2017. D) real GDP in 2018 is larger than real GDP in 2017.