42. What do we call decisions made by the Fed with regard te 29. The idea that a

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42. What do we call decisions made by the Fed with regard te 29. The idea that at some point, each additional unit of a 30. The study of the economic activity of entire nations is 31. What do we call the amount of money that comes gsut ofa increasing or decreasing the money supply? Please use the following graph for questions 438 44 product is less useful is referred to as what? called what? Joe's Pizza Utility Chart paychexk every two weeks, and is sent to the federal government? 2 of what type of tax? 8 33. What is the name for the greatest period of economic hardship that the United States has experienced? 34. What is the total amsount that the federal govemment 35. Many feel that United States has become involved in owes called? conflict in the Middle East, but not in other regions of the world, due to the scarcity of what product? Slices of Pizza 36. By acting as an asset that one can trade for goods and services, what function is money performing? 43. After Joe's fifth slice of pizza, what is he experiencing? 37. Net worth can be said to be positive if 44. Subconsciously, Joe believes that anything that gives hinm Use the graph below to answer questions 38 through 41 Production Possibilities Curve for Country X less than 120 utils is not worth $1.00. If pizza is $1.00 per slice, Joe is likely to puchase how many picces? 45. Why is the sale of a used car not counted in GDP? 46. Tires on a new car are an example of which type of 47. What type of unemployment includes people who are 48. What factor does Real GDP take into account that product? between jobs? Nominal GDP does not? agency is responsible for measuring the unemployment rate? 20 40 60 80 100 120 140 160 180 Butter s barrels) 38. If country X devotes 100% of its productive resources to the production of Guns, how many cases of guns can they produce? 39. What is represented by points F and G on the graph? 40. Which points represent the most efficient production points on the graph? 41. What is the approximate opportunity cost of increasing butter production from zero barrels to 140 barrels? Delalle Final Esam A

Explanation / Answer

29. This idea is referred to as the law of diminishing marginal utility. Marginal utility is the additional usefulness of one additional unit of product. When we keep consuming more and more units of a product, the additional units are less and less useful to us. This property or idea is known as the 'law of diminishing marginal utility'.

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