In order to maximize utility, consumers _____
a. continue to make purchases until the marginal utility of each good is zero
b. compare the marginal utilities of the last dollar spent on each good
c. equate the total utilities of each good consumed
d. continue to purchase a good until total utility is equal to zero
e. will continue purchasing till diminishing marginal utility is not achieved
b
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Over the period 1960-2010, the United States economy grew at roughly
A) 2.1 percent. B) 3 percent. C) 4 percent. D) one percent. E) 3.5 percent.
An equation that captures how inputs of production are related to output is called a:
A. GDP deflator. B. consumption function. C. production function. D. saving function
A tariff is a tax that is imposed by the ________ country when an ________ good crosses its international boundary
A) exporting; imported B) importing; exported C) exporting; exported D) importing; imported
Net investment income from abroad is investment earnings by U.S. residents from their foreign assets plus investment earnings by foreigners from their assets in the United States
Indicate whether the statement is true or false