Marginal utility is always ______ total utility.
a. greater than
b. less than
c. equal to
d. irrelevant to
b. less than
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Imagine an economy where the government allocates resources among its citizens. Recently, the government divided $1,000 among ten citizens. The amount each citizen received is displayed in the table below
Citizen Amount Received ($) 1 100 2 150 3 50 4 10 5 90 6 200 7 10 8 190 9 20 10 180 a) The government claims that this is an efficient allocation. Do you agree? b) Social workers in the economy criticized the government on the basis of this allocation. What could be the grounds for such criticism?
Under a dirty float, the value of a country's currency is ________
A) fixed B) determined by the relevant currency board C) influenced by the monetary authorities D) unmanageable
Which of the following is not an example of derived demand?
a. As more high school graduates go on to college, more professors are hired. b. As consumers buy more computers, they demand more powerful computers as they become available. c. As people let their hair grow longer, fewer people become barbers. d. As people buy more tennis shoes instead of sandals, they buy more shoe laces. e. Increased demand for overnight delivery speeds up orders for new delivery trucks.
An inefficient use of resources can be illustrated using a production possibilities curve as: a. a movement to the northeast along the curve
b. a movement to the southeast along the curve. c. a movement off the curve in a northeast direction. d. a movement off the curve in a southwest direction.