Total utility can be thought of as the
a. total satisfaction derived from a bundle of goods.
b. minimum amount of money a consumer is willing to spend on a bundle of goods.
c. additional satisfaction a consumer receives from the marginal unit of a good.
d. willingness to pay for the marginal unit of a good.
a
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Federal government outlays include ________
A) transfer payments, grants to states, interest payments on the national debt and income tax revenues B) grants to states, interest payments on the national debt, income tax revenues and government purchases C) interest payments on the national debt, income tax revenues, government purchases and transfer payments D) government purchases, transfer payments, grants to states and interest payments on the national debt
It has been argued that a monopolistically competitive industry involves "waste" because
A) there is too much product differentiation making shelves too crowded. B) they end up producing to the right of the minimum of the average total cost curve and the price is below the marginal cost. C) the firms do not equate marginal cost to marginal revenue to find the profit maximizing price and output. D) the firms do not produce at the minimum of the average total cost curve and price is above marginal cost.
Which of the following components of aggregate expenditure is most subject to crowding out?
a. Consumption expenditures b. Investment spending c. Imports d. Government purchases of goods and services e. National saving
Premium beer is likely considered
A) a normal good. B) an inferior good. C) to have inelastic demand. D) to have perfectly elastic demand.