The law of diminishing marginal utility states that:
a. additional utility increases with each unit added.
b. utility is equal to the number of units acquired.
c. utility grows as units become scarcer.
d. additional utility decreases with each unit added.
d. additional utility decreases with each unit added.
The law of diminishing marginal utility holds that additional utility decreases with each unit added.
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The price of a good will fall if:
a. there is an excess demand of the good. b. demand and supply of the good are the same. c. there is an excess supply of the good. d. the price is below the equilibrium price. e. the price is near the equilibrium price.
The value of net exports is:
A. exports -imports. B. (exports + imports) -tariffs. C. exports + imports. D. imports -exports.
Economists who support market-based reforms for health care believe that increased competition among providers of health care would
A) decrease costs but decrease economic efficiency. B) decrease costs and increase economic efficiency. C) increase costs but increase economic efficiency. D) increase costs and decrease economic efficiency.
Which of the following is the single most important source of U.S. economic growth?
A. Stability of the socio-cultural-political environment B. Improvement in the legal and human environment C. Increases in the quantity of labor D. Increases in labor productivity