As more of a good is consumed, its marginal utility ________ and its total utility ________
A) rises; rises
B) rises; falls
C) falls; rises
D) falls; falls
C
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The term human capital refers to
A) labor resources used to make capital equipment. B) buildings and machinery. C) people's knowledge and skill. D) entrepreneurship and risk-taking.
Who are the only ones not affected when a Pigouvian subsidy is implemented for a positive externality in a market?
A. Consumers B. Those affected by the externality C. Producers D. All of these groups are affected when it becomes internalized.
Based on the graph showing the effects of a government budget deficit, when the deficit makes the supply shift from S1 to S2, the real interest rate would ______.
a. remain at r1
b. remain at r2
c. rise from r1 to r2
d. drop from r2 to r1
Accountants use only ________ costs in their computations of short-run total cost.
a. opportunity b. implicit c. explicit d. variable