If the total utility from consuming five units of a product is 245, and the marginal utility of a sixth unit is 5, then the total utility from consuming six units would be:
A. 240
B. 250
C. 49
D. 1225
B. 250
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Use the figure below to answer the following question.
What is the amount of consumer surplus after the government imposes the excise tax on the market?
A. $8 B. $40 C. $20 D. $32
If there is an outward shift in U.S. demand for French goods, the result will be
A) a decrease in the dollar price of a euro. B) an inward shift in French demand for U.S. goods. C) a decrease in euros traded. D) an increase in the dollar price of a euro.
When government mandates participation in a program to solve an information asymmetry problem, it is trying to prevent:
A. moral hazard. B. adverse selection. C. building a reputation. D. illegal screening.
The social cost of production equals
A. the external cost minus the private benefit. B. the external cost minus the external benefit. C. the private cost plus the external cost. D. the social cost plus the private cost.