We observe evidence of a shortage when we see
A) the quantity purchased is greater than the quantity supplied.
B) the quantity purchased is less than the quantity supplied.
C) nonmonetary costs of acquisition have risen.
D) goods have becomes more scarce.
E) prices have increased suddenly and substantially.
C
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When Alex eats 1 slice of pizza, his total utility is 80; when Alex eats 2 slices of pizza, his total utility is 120. Alex's marginal utility from the second pizza is
A) 200. B) 80. C) 60. D) 40.
The three categories of federal government expenditures, in addition to government purchases, are
A) interest on the national debt, defense spending, and transfer payments. B) defense spending, Social Security, and Medicare. C) defense spending, budgets of federal agencies, and transfer payments. D) interest on the national debt, grants to state and local governments, and transfer payments.