Refer to the above table. Amy's utility schedule shows
A. initially decreasing marginal utility and then increasing marginal utility.
B. diminishing marginal utility throughout her entire schedule.
C. increasing marginal utility throughout her entire schedule.
D. initially increasing marginal utility and then decreasing marginal utility.
Answer: B
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We translate nominal income in any past year into constant, real dollars to:
A. allow us to compare changes in purchasing power over time. B. see what an income we were earning in the past would be equivalent to today. C. understand what a salary in the past would equal in current dollars to determine how much more we have actually gained in purchasing power. D. All of these statements are true.
Which of the following exchange rates between the dollar and the peso would a Mexican buyer of American goods most prefer?
A. $0.05 = 1 peso B. $0.25 = 1 peso C. $0.15 = 1 peso D. $0.20 = 1 peso
A multinational organization that aims to promote world economic growth through more financial stability is
A) the World Monetary Fund. B) the International Bank. C) the International Monetary Fund. D) the International Monetary Bank.
"The minimum wage should be increased so that low-income workers can afford to feed their families." This is an example of: a. a positive economic statement
b. a negative economic statement. c. the fallacy of composition. d. a normative economic statement.