Which of the following statements is correct?
A. Marginal utility is the cumulation or summation of total utility
B. Total utility is the cumulation or summation of marginal utility
C. Total utility is the product of multiplying price times marginal utility
D. Total utility is the change in marginal utility as quantity consumed increases
B. Total utility is the cumulation or summation of marginal utility
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Which of the following statements best describes one of the schools of thought regarding the “new economy” controversy?
a. Increased military spending post-9/11 has contributed to the growth in U.S. productivity. b. Extraordinary advances in communications and information technology have contributed to the growth in U.S. productivity. c. The increase in immigration has contributed to the growth in U.S. productivity. d. The aging U.S. population has contributed to the growth in U.S. productivity.
A system of laws and courts generates positive externalities because
A) only governments are capable of creating such systems. B) people cannot choose whether or not to obey the law. C) people who disobey the law benefit from the existence and enforcement of rules applicable to all. D) such a system could not exist without the approval of a majority.
Say's law states that
A. desired expenditures will equal actual expenditures. B. demand is always less than supply. C. people produce only the goods they want. D. overproduction is never possible because of limited resources.
Exhibit 2-4 Production possibilities curve data A B C D E Capital goods 0 10 20 30 40 Consumer goods200 180 140 80 0 In Exhibit 2-4, choose the best production alternative if the only goal of the economy is investment.
A. A B. C C. E D. All production alternatives represent the same level of investment because all are efficient.