The concept that for each additional unit of a good the added satisfaction you receive from consuming the good decreases is called _____?
A. Diminishing marginal utility
B. Chaos concept
C. Self-interest utility
D. Rational choice theory
Answer: A. Diminishing marginal utility
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Which of the following tools of commercial policy yields a revenue to the government?
a. Quota b. Tariff c. Export subsidy d. Government procurement policy e. Health and safety standards
Which of the following statements is false?
A. Round stones with holes in the center can serve as money. B. Money eases the process of exchanging goods and services in a modern economy. C. Money serves as a measure of value only when it is backed by gold or silver. D. Money is used as a measure of the relative value of goods and services in an economy.
Figure 10.1 shows a monopolist's demand curve. If the monopolist increases output from four to five units, what is its marginal revenue?
A. $16 B. $15 C. $3 D. -$1
Season tickets for sporting events are an example of
A. two-part tariff. B. price discrimination. C. bundling. D. block pricing.