The amount by which an additional unit of a good or service increases a consumer's total utility is:
a. marginal bliss.
b. marginal benefit.
c. marginal utility.
d. marginal.
c
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What is TRUE when the credit market is in equilibrium?
A) The legal minimum wage equals the actual wage. B) Desired saving equals desired investment. C) Desired employment equals the number of jobs available. D) Desired consumption spending equals the total of saving plus investment.
The diminishing slope of the per-worker production function reflects the law of diminishing marginal returns
a. True b. False Indicate whether the statement is true or false
During the last four decades, the composition of federal spending has
a. been virtually unchanged, but federal spending as a share of GDP has declined substantially. b. been virtually unchanged, but federal spending as a share of GDP has increased sharply. c. shifted away from national defense and toward spending on income transfers and health care. d. shifted away from health care and income transfers and toward spending on national defense.
Rachel agrees to lend Phoebe $100 for six months and charges her interest of 2 percent. At the end of the six-month period, prices have risen by 4 percent.
A. Purchasing power has been redistributed to Rachel. B. No purchasing power has been redistributed. C. Purchasing power has been redistributed to Phoebe. D. Both Rachel and Phoebe received extra purchasing power.