As you consume additional hamburgers, the relationship between total and marginal utility is that
A) both total and marginal utility increase continuously.
B) both total and marginal utility decrease continuously.
C) total utility increases, but marginal utility decreases.
D) total utility decreases, but marginal utility increases.
C
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In the table above, the number of people officially unemployed is ________
A) 40 million B) 6 million C) 4 million D) 2 million
Refer to the production possibilities frontier figure above. Which of the following movements requires the largest opportunity cost, in terms of good X forgone, per extra unit of good Y?
A) from point e to point d B) from point d to point c C) from point c to point b D) from point b to point a
Suppose the economy is initially operating at full employment. A fiscal policy action that results in an increase in the size of the budget deficit will cause which of the following in the long run?
A) an increase in real GDP. B) have no effect on both the level and composition of real GDP. C) a reduction in the price level. D) change the composition of real GDP.
Empirical research indicates that the expansion of Medicaid has led to a number of unintended consequences including
a. an increase in the incidence of low-birth weight babies among participants. b. fewer pregnant women seeking prenatal care. c. an increase in the birthrate among the eligible population. d. all of the above.