National defense made up the largest portion of federal expenditures in 2009

If utility is not maximized, then:

a. some change in consumption will increase satisfaction. b. no change in consumption will increase utility. c. only a change in income will increase utility. d. only a change in price will increase utility. e. the principle of diminishing marginal utility does not hold.

An understanding of opportunity costs is important to understanding: a. how to calculate the total revenue generated by a firm. b. how to assess the economic profitability of a firm

c. How to calculate the tax liability of a firm. d. how accountants calculate accounting profits.