The marginal rate of substitution measures

A) the willingness of a consumer to exchange a good with another consumer.
B) the willingness of a consumer to pay the form for a good.
C) the value in dollars of the last unit of good obtained by the consumer.
D) the rate at which a consumer is willing to exchange one good for another.

D

Economics

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Which of the following tools and concepts is useful in the analysis of international trade?

a. total surplus b. domestic supply c. equilibrium price d. All of the above are correct.

Economics

The value of money falls as the price level

a. rises, because the number of dollars needed to buy a representative basket of goods rises. b. rises, because the number of dollars needed to buy a representative basket of goods falls. c. falls, because the number of dollars needed to buy a representative basket of goods rises. d. falls, because the number of dollars needed to buy a representative basket of goods falls.

Economics