The first Taco Bell 7-layer burrito you ate was extraordinary. The second one was good. The third one was pretty good. The fourth one was just kind of okay. This illustrates
A) utilitarianism.
B) diminishing marginal utility.
C) the benefits-received principle.
D) transcendentalism.
B
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes
If Angus continues to play the bagpipes and Dudley calls the police, the payoffs in the appropriate cell in the payoff matrix would change to A) N/A. B) 550, 100. C) 100, 550. D) The payoffs would not change.
Assume that you allocate your income to calzones and juice and that you have not yet spent your entire budget. If the marginal utility of a fourth calzone is 100 and the marginal utility of a third glass of juice is 50, you would
a. eat a fourth calzone because it has a higher marginal utility b. drink a third glass of juice because you've had less juice c. consider the total utility received so far from calzones and juice before deciding what to consume next d. consider the relative prices of calzones and juice before deciding what to consume next e. consider whether or not marginal utility is diminishing before deciding what to consume next
The total of all planned expenditures in the entire economy is the definition of
A) production possibilities curve. B) aggregate demand. C) net domestic product. D) aggregate supply.
Which of the following groups of people are counted as employed?
a. People who work at least one hour a week. b. People who work at least 15 hours a week as unpaid employees of a family business. c. People who are out of work due to bad weather. d. All of these are counted as employed.