If, as a person consumes more and more of a good, each additional unit adds less satisfaction than the previous unit consumed, we are seeing the workings of
A) the law of increasing marginal opportunity cost. B) the law of demand.
C) the law of supply. D) the law of diminishing marginal utility.
D
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The credit demand curve is:
A) vertical. B) downward sloping. C) horizontal. D) upward sloping.
Refer to the figure above. With free trade, the total quantity of imports would equal
A) 10,000 units. B) 20,000 units. C) 22,000 units. D) 30,000 units.
The government computes measures of income other than GDP because these other measures usually tell different stories about overall economic conditions
a. True b. False Indicate whether the statement is true or false
Tom Atoe grows fruits and vegetables for home consumption. This activity is:
a) excluded from GDP in order to avoid double counting. B) excluded from GDP because an intermediate good is involved. c) productive but is excluded from GDP because no market transaction occurs. d) included in GDP because it reflects production.