Total utility is the additional utility derived from the consumption of one or more unit of the good.
Deflation refers to:
1. Decreasing relative prices.
2. A decreasing price level.
3. A slowing down of the rate of inflation.
4. A federal government policy of running budget surpluses.
What is the difference between the positive and the normative in economics?
1. A positive question is one for which the answer is yes while normative question is one for which the answer is no.
2. Positive questions concern matters of opinion, while normative questions concern matters of fact.
3. Positive questions concern matters of fact, while normative questions concern matters of opinion.
4. Economic theory can answer normative questions, but not positive ones.
Differentiate between the personal income and disposable income.
A normal good is one whose consumption increases when_____________increases.
The traditional Phillips Curve shows the:
1. Inverse relationship between the rate of inflation and the unemployment rate.
2. Inverse relationship between the nominal and the real wage.
3. Direct relationship between unemployment and demand-pullinflation.
4. Trade off between the short run and the longrun.
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