The table above shows Tom's total utility from milkshakes and sodas. What is the marginal utility of Tom's eighth milkshake?
A) 32 units
B) 20 units
C) 16 units
D) 10 units
A
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From 1970 to 2010, the real price of eggs decreased and the total annual consumption of eggs decreased
Which of the following would cause an unambiguous decrease in the real price of eggs and an unambiguous decrease in the quantity of eggs consumed? A) A shift to the right in the supply curve for eggs and a shift to the right in the demand curve for eggs. B) A shift to the left in the supply curve for eggs and a shift to the right in the demand curve for eggs. C) A shift to the left in the supply curve for eggs and a shift to the left in the demand curve for eggs. D) none of the above
The simultaneous import and export of goods in the same industry by a particular country is known as interindustry trade
a. True b. False Indicate whether the statement is true or false
Gross domestic product is calculated by summing up
A) the total quantity of goods and services in the economy. B) the total quantity of goods and services produced in the economy during a period of time. C) the total market value of goods and services in the economy. D) the total market value of final goods and services produced in the economy during a period of time.
If the economy is at potential output, expected inflation
A. equals the natural rate of unemployment. B. is less than actual inflation. C. equals actual inflation. D. is greater than actual inflation.