When deciding how to reach total maximum utility by purchasing some combination of goods, consumers are constrained by
a. the differences in marginal utility of goods
b. the differences in marginal utility per dollar of goods
c. their total budget
d. the endowment effect
c. their total budget
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Economics is the study of
A) the role of money in markets. B) how government officials decide which goods and services are produced. C) how society uses limited resources. D) how to invest in the stock market.
If the net public debt remains unchanged during a given period, but the gross public debt increases, then which of the following statements must be correct?
A) Government interagency borrowing must have decreased during the period. B) Foreign ownership of U.S. Treasury securities must have fallen during the period. C) Government interagency borrowing must have increased during the period. D) Foreign ownership of U.S. Treasury securities must have risen during the period.