Total utility
a. diminishes as the quantity consumed of a good increases.
b. increases as long as more goods are acquired.
c. increases as long as marginal utility increases.
d. increases as long as marginal utility is positive.
e. diminishes as consumption of some good rises.
d
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You get bit by your neighbor's dog, and incur $200 in emergency medical expenses. What happens to GDP?
A) It increases by $200. B) It decreases by $200. C) It remains unchanged. D) It depends upon whether you or the dog owner pays the medical bill.
Refer to Figure 17-1. Suppose that the economy is currently at point A. If the Federal Reserve engaged in expansionary monetary policy, where would the economy end up in the short run?
A) It would remain at point A. B) point B C) point C D) point D E) point E