Refer to the information provided in Figure 6.8 below to answer the question(s) that follow.
Figure 6.8Refer to Figure 6.8. The total utility of the three movies is ________ and the marginal utility of the third movie is ________.
A. 15; 0
B. 0; 0
C. 28; 3
D. 25; 10
Answer: C
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According to the indifference principle, housing prices
a. tend to converge over time b. tend to leave individuals indifferent about where they live c. only tend to be different to compensate individuals for differences in living conditions d. only B&C
The federal budget surplus recorded in 1998 resulted from a(n): a. decrease in taxes and rapid growth in federal outlays. b. increase in taxes and sluggish growth in federal outlays. c. decrease in taxes and a decrease in federal outlays
d. increase in federal outlays and taxes. e. increase in export earnings and decrease in import bills.
Which of the following is the best example of an investment in human capital?
a. the purchase of an industrial development bond b. a graduate student who completed 24 semester units in economics last year c. the purchase of a lawn mower by a homeowner d. an unemployed stockbroker who drives a cab in order to pay his bills
Macroeconomics is best described as the study of:
A. very large issues. B. the choices made by individual households, firms, and governments. C. the nation's economy as a whole. D. the relationship between inflation and wage inequality.