Refer to Figure 16.1. A decrease in the depreciation rate is best represented by a movement from
A) point A to point B.
B) point B to point A.
C) point A to point C.
D) point C to point A.
D
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Income elasticity of demand is greater than zero for all of the following except
a. restaurant meals b. beer c. owner-occupied housing d. food e. rental housing
Zachary spends his day studying for a total of four hours and exercising for one hour. Using the concept of utility to explain his choices, we can say
A. the total utility gained from exercising for one hour is greater than the total utility from studying for four hours. B. the marginal utility of exercising for the first hour was greater than the marginal utility of studying for the first hour. C. the marginal utility of studying for a fifth hour will be negative. D. the marginal utility from studying for a fifth hour is less than the marginal utility from the first hour of exercise.