The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713The consumption of which candy bar yields the greatest marginal utility?
A. seventh
B. sixth
C. fifth
D. first
Answer: D
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Assume that the supply curve for a commodity shifts to the right and the demand curve shifts to the left, both by the same degree. Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity. B) a higher price and quantity. C) a lower price and the same quantity. D) a higher price and the same quantity.
Consider three imaginary countries. In Aziria, saving amounts to $3,000 and consumption amounts to $7,000; in Graniva, saving amounts to $2,000 and consumption amounts to $8,000; and in Tanistan, saving amounts to $4,500 and consumption amounts to $10,500 . The saving rate is
a. higher in Aziria than in Tanistan, and it is higher in Tanistan than in Graniva. b. higher in Graniva than in Tanistan, and it is higher in Tanistan than in Aziria. c. higher in Tanistan than in Graniva, and it is the same in Graniva and Aziria. d. higher in Aziria than in Graniva, and it is the same in Aziria and Tanistan.
Economists generally use gross domestic product to measure a nation's total output because it
What will be an ideal response?
The shapes of the total product and marginal product curves are related because
a. an increase in total product pulls marginal product up. b. marginal product gives the slope of total product. c. marginal product increases as total product increases. d. the marginal product curve lies above the total product curve.