Which of the following statements is false?
a. If total utility rises, so must marginal utility.
b. If marginal utility falls, so must total utility.
c. If marginal utility rises, so must total utility.
d. If total utility falls, marginal utility is negative.
Ans: a. If total utility rises, so must marginal utility.
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Money is a convenience that makes the economic pie bigger
Indicate whether the statement is true or false
Unemployment insurance provided by the U.S. government is usually funded by:
a. the excise duties imposed on the import of foreign goods. b. the national tax on payrolls levied on firms. c. external borrowing by the U.S. government. d. printing new money. e. selling off government bonds.
If an industry exhibits economies of scale, one larger firm may be able to produce goods at a lower long-run average cost than two smaller firms
a. True b. False Indicate whether the statement is true or false
Which of the following pairs is most likely to represent substitute goods?
A. Hamburgers and hamburger rolls B. Movies and popcorn C. Pork and beef D. Shoes and shoelaces