The fact that the fourth plate from the "All You Can Eat Country Buffet" generated more satisfaction than the fifth plate is an example of
A) increasing marginal utility.
B) diminishing marginal utility.
C) diminishing total utility.
D) the "paradox of value."
B
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A production possibilities curve always slopes downward to the right because resources
A. are not scarce. B. have no opportunity cost. C. are freely available. D. are limited. E. are not related to outputs.
The magnitude of the slope of the budget line is determined by
A) the marginal rate of substitution. B) the level of income. C) the consumer's preferences for the goods. D) relative prices.
Government actions can cause a
A) shift in the supply curve. B) shift in the demand curve. C) reaction from firms in other countries. D) All of the above.
Compared to high-income families, low-income families tend to have
a. more earners per family. b. fewer persons per family. c. more full-time workers per family. d. both b and c.