Marginal utility diminishes more quickly:
a. the less durable the good is.
b. the greater the number of consumers consuming the good.
c. the shorter the time period between two successive consumptions.
d. the greater the number of firms producing the good.
e. the cheaper the good is.
c
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The opportunity cost of current consumption is:
A) nominal wage rate. B) the inflation rate. C) real wage rate. D) the real interest rate.
GDP is equal to the ________ value of all the final goods and services produced within a country in a given period of time
A) production B) market C) wholesale D) retail E) typical
A trend shows
A) the degree of correlation between two variables. B) the general tendency for a variable to rise or fall. C) the scale used to measure to variables. D) the increases in one variable.
Which one of the following is NOT a key trade-off a society faces?
A) Who gets the goods and services B) Who produces the goods and services C) Which goods and services to produce D) How to produce