The BEST example of making a choice at the margin is:
A) buying a new car.
B) quitting your job.
C) a coffee drinker drinking another cup of coffee.
D) attending college.
Ans: C) a coffee drinker drinking another cup of coffee.
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Below is a student's answer to the question "What is microeconomics?" If you were the instructor, how would you correct the student's answer? "Microeconomics is the study of how government influences the choices made by individuals and bus
and of the performance of the whole national economy."
The aggregate demand curve shows the ________ relationship between the price level and ________
A) positive; the quantity of real GDP demanded B) negative; aggregate labor demanded C) positive; aggregate labor demand D) negative; the quantity of real GDP demanded
Consumers should allocate their income so that the marginal utility associated with the:
a. first dollar spent is equal for all goods. b. last dollar spent is equal for all goods. c. last dollar spent is lower for high-priced items than for low-priced items. d. first dollar spent is greater for high-priced items than for low-priced items. e. first dollar spent is less for high-priced items than for low-priced items.
The schedule of the amount of a product that consumers would be willing to purchase at alternative prices during a specific time period is the
a. total utility schedule. b. marginal utility schedule. c. supply schedule. d. demand schedule.