Which of the following statements is correct?
A. Total utility is the change in marginal utility as quantity consumed increases.
B. Marginal utility is the sum of total utility.
C. Total utility is the product of multiplying price times marginal utility.
D. Total utility is the sum of marginal utilities.
Answer: D
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Suppose the government increases government spending and increases taxes by the same amount to pay for it. We would predict ________.
A. real GDP will increase B. the effect on real GDP depends on the size of the MPC C. real GDP will fall D. real GDP will not change
Who was the author of the following prediction: in the absence of a system for enforcing order in society, life will be "solitary, poor, nasty, brutish, and short"?
A) Thomas Hobbes B) John Maynard Keynes C) Thomas Kuhn D) Jean-Jacques Rousseau E) Adam Smith
The _____ gives a hunter ownership rights on a bird killed by him while it was flying over his property
a. unitization contract b. Coasian reasoning c. rule of first possession. d. rule of reason
Attempts to alter incentives and contain health care costs include the following, except:
A. Imposing a copayment or a deductible B. Adopting managed-care systems, such as PPOs and HMOs C. Universal coverage D. Diagnosis-related-group (DRG) of Medicare