If the utility function (U) between food (F) and clothing (C) can be represented as U = , the marginal utility of food equals
A) .
B) .
C) 1/2 .
D) 1/2 .
C
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According to this Application, an economist from the London School of Economics found that over ________ of all global wealth is held in tax havens where assets are ________
A) 8 percent; unrecorded B) 4 percent; unrecorded C) 4 percent; recorded D) 8 percent; recorded
If prices (as measured by the CPI) fell by one-half and nominal wages fell by one-third, what would happen to real wages?
a. They would fall by one-third b. They would remain unchanged c. They would decrease d. They would increase e. They would fall by one-half
According to the theory of liquidity preference, money demand
a. and the money supply are positively related to the interest rate. b. and the money supply are negatively related to the interest rate. c. is negatively related to the interest rate, while the money supply is independent of the interest rate. d. is independent of the interest rate, while money supply is negatively related to the interest rate.
In factor, or input, markets
A. firms demand resources. B. consumers purchase products. C. firms supply goods. D. households demand goods.