Marginal utility is the
A) total satisfaction received from consuming a given number of units of a product.
B) average satisfaction received from consuming a product.
C) extra satisfaction received from consuming one more unit of a product.
D) satisfaction achieved when a consumer has had enough of a product.
Answer: C
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The federal budget process begins when federal agencies submit their budget requests to the:
a. Treasury Department. b. Council of Economic Advisors (CEA). c. Office of Management and Budget (OMB). d. Congressional Budget Office (CBO).
Analysis indicates that the economy is in a recessionary gap. Which of the following is the most appropriate policy mix in this situation?
a. a budget surplus and expansionary monetary policy b. a budget deficit and expansionary monetary policy c. a budget deficit and contractionary monetary policy d. a budget surplus and contractionary monetary policy