Marginal utility is the change in:
a. total utility when an extra unit of output is produced.
b. marginal utility when an extra unit of output is consumed.
c. total utility when an extra unit of output is consumed.
d. marginal utility when an extra unit of output is produced.
e. average utility when an extra unit of output is consumed.
c
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Keynes argued that the precautionary component of the demand for money was primarily determined by the level of people's ________, which he believed were proportional to ________
A) incomes; wealth B) incomes; age C) transactions; income D) transactions; age
The base year is the year
A) in which prices are unstable. B) in which prices are lowest. C) in which prices are highest. D) that serves as a reference point or benchmark. E) in which nominal output is largest.
During the Great Recession, the prime rate quoted by most banks has fallen to ______%.
A. 5.5 B. 4.25 C. 3.25 D. 1.25
Suppose the banking system has $100,000 in outstanding deposits and actual reserves of $35,000. If the required reserve ratio is 20 percent, the maximum amount the banking system can add to the money supply is:
A. $175,000. B. $500,000. C. $75,000. D. $15,000.