If we allow interpersonal comparisons of utility, and the law of diminishing marginal utility holds, then what can we reasonably suppose about the marginal utility of Bill Gates' millionth dollar?
a. It is less than the marginal utility of your hundredth dollar.
b. It is more than the marginal utility of your hundredth dollar.
c. It is equal to the marginal utility of your hundredth dollar.
d. It is equal to zero.
e. It yields higher satisfaction than your hundredth dollar.
A
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According to the kinked demand curve model, an oligopolist may face
a. more elastic demand than a monopolistic competitor. b. less elastic demand than a monopolistic competitor. c. more elastic demand if she raises her price than if she lowers her price. d. less elastic demand if she raises her price than if she lowers her price.
If the demand-side effects of supply-side tax cuts are greater than the supply-side effects, then we can expect the result to be a(n)
a. decrease in output and prices. b. decrease in output and an increase in prices. c. increase in output and prices. d. increase in output and a decrease in prices.
Expenditures by households on education are included in the investment component of GDP
a. True b. False Indicate whether the statement is true or false
Differences in earnings between racial groups is due in part from differences in:
A. educational attainment. B. geographical location. C. ability to achieve. D. None of these is true.