Which of the following statements is correct?
A. Marginal utility is the cumulation or summation of total utility
B. Total utility is the cumulation or summation of marginal utility
C. Total utility is the product of multiplying price times marginal utility
D. Total utility is the change in marginal utility as quantity consumed increases
B. Total utility is the cumulation or summation of marginal utility
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The demand for current consumption, as plotted against the interest rate, shifts to the right due to all of the following except
A) a decrease in current taxes. B) a increase in future taxes. C) an increase in current income. D) an increase in future income.
Which of the following is a correct reason for stating that the United States has a fiduciary monetary system? I. Our money is convertible to a fixed amount of silver or gold. II. Our money has a predictable value
A) I only B) II only C) Both I and II D) Neither I nor II