Consider the above figure. The curve shown is sometimes referred to as

The Law of Diminishing Marginal Benefit states that:

A) the demand for a commodity declines as its price increases. B) the demand for a commodity is more dependent on income than on price. C) the willingness to pay for an additional unit declines as more of a good is consumed. D) lower levels of consumption give lower level of utility.

In the saving function, autonomous saving is

A) -a + (1 - c)(Y - T). B) (1 - c)Y. C) -a. D) -Y - T.

As a percentage of total expenditures, spending on highways has _____ since 1970 . Spending on interest payments has _____ over the same time span

a. increased; increased b. decreased; decreased c. increased; decreased d. decreased; increased

For a country to be a price taker in the global market for some good:

A. the quantity it produces and consumes must be very small relative to the total amount of that good bought and sold worldwide. B. the quantity it produces and consumes must be very large relative to the total amount of that good bought and sold worldwide. C. there must be many sellers all supplying a very significant amount to the market. D. there must be many buyers all buying a large amount from the market.