The total satisfaction one gets from one's consumption of a product is called:
A. marginal utility.
B. minimum utility.
C. a unit of utility.
D. total utility.
Answer: D
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If the marginal product of labor is constant for all levels of output, then the average product of labor
A) is constant. B) equals the marginal product of labor. C) Both A and B above. D) Either A or B above but not both.
If merchandise imports are greater than merchandise exports, the nation is experiencing a
a. negative balance on current account b. merchandise trade deficit c. capital account imbalance d. favorable balance of trade e. growth in foreign reserves
If nominal GDP is growing more quickly than real GDP, which is most likely?
A. rising prices B. falling prices C. an expansion D. a recession
An increase in U.S. demand for Japanese made cars (made in Japan) would, other things equal, increase the U.S. financial account surplus
a. true b. false