The amount of added utility that an individual derives from consuming one more unit of a good or service is called:
a. total utility
b. marginal utility.
c. average utility.
d. diminishing utility.
b
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The quantity supplied of a good, service, or resource is ________ during a specified period and at a specified price
A) the amount that people are able and willing to sell B) the amount that people are willing and able to buy C) the amount that people are able to sell D) the amount that people are willing to sell E) the amount sold
Which of the following are TRUE regarding the argument that trade barriers protect U.S. workers from cheap foreign labor? I. Low-wage foreigners are just as productive as U.S. workers. II. U.S. workers have a comparative advantage in low-wage jobs
A) I only B) II only C) I and II D) Neither I nor II is correct.
Consumers are willing to purchase a product up to the point where
A) the marginal benefit of consuming the product equals the area below the supply curve and above the market price. B) the marginal benefit of consuming a product is equal to its price. C) the marginal benefit of consuming the product is equal to the marginal cost of consuming it. D) the consumer surplus is equal to the producer surplus.
GDP can be measured as each of the following except:
A. total business revenues. B. total expenditure on final goods and services. C. the market value of production. D. incomes of capital and labor.