Utility is
a. the sense of pleasure or satisfaction derived from consuming goods and services
b. the cost of acquiring goods and services
c. the profit consumers earn from consuming goods and services
d. the monetary value to consumers of goods and services
e. the desire to consume goods and services
A
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The following data represent a personal income tax schedule. Answer the next question on the basis of this information.Taxable IncomeTotal Tax$15,000$1,50030,0003,50060,0009,000120,00025,000If income increases from $15,000 to $30,000, the marginal tax rate is
A. 10.0%. B. 18.3%. C. 13.3%. D. 26.6%.
Which of the following statements regarding the long run for a profit-maximizing monopolistically competitive firm is FALSE?
A) The firm is making zero economic profit. B) The firm produces the quantity of output for which marginal revenue equals marginal cost. C) The average total cost equals the price. D) The firm produces the quantity at which the marginal revenue curve intersects the demand curve.
Which of the following is most important for the achievement of higher income levels and living standards?
What will be an ideal response?
While the country of New Zafariland specializes in dairy products, its geographical neighbor, Zwansea specializes in heavy machinery. New Zafariland exports dairy to Zwansea, which in turn exports heavy machinery to New Zafariland. According to the theory of comparative advantage, this mutually beneficial trade relationship best illustrates
A. A zero-sum game. B. The significance of trade barriers C. A positive-sum game