Investment in education in the high-growth Asian economies was ________ in ________
A) low; primary schools
B) high; primary schools
C) low; primary and secondary schools
D) high; primary and secondary schools
E) high; university education
D
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An item that is purchased to increase businesses' productive resources is
A) an export. B) a government good. C) a capital good. D) a consumption good. E) a productive good.
If marginal utility is positive but diminishing, as more units of a good are consumed, then the total utility from the good must be
A) falling. B) positive and rising at an increasing rate. C) positive and rising at a decreasing rate. D) positive and rising at any rate.
The current international monetary system is best described as a
a. fixed rate system. b. completely flexible rate system. c. gold standard. d. mercantilist system. e. managed floating rate system.
Refer to Figure 6.1. Assume that L1 represents the budget line before a price change. Point B represents the:
A. uncompensated effect of an increase in the price of bread.
B. uncompensated effect of a decrease in the price of soup.
C. uncompensated effect of an increase in the price of soup.
D. compensated effect of an increase in the price of soup.