Total utility decreases when diminishing marginal utility is present
a. True
b. False
Indicate whether the statement is true or false
False
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The purpose of the "draft" developed by owners' associations in many professional sports is to
A) assure all players at least a minimum salary. B) control competition among owners for the services of players. C) control competition among players. D) control competition between players and owners. E) keep all teams at roughly equal competitive levels.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. only the long-run aggregate supply curve would shift left. B. the long-run and short-run aggregate supply curves would both shift left. C. only the short-run aggregate supply curve would shift left. D. neither the short-run nor long-run aggregate supply curves would be affected.
The overall drop in stock prices that began in 1929 and continued through 1932 was due to:
A. dropping stock prices causing a rational sale of certain stocks. B. a panicked massive sale of stocks which caused the stock prices to plummet. C. the exuberant confidence in the rising value of the stock market in general. D. the decline in profitability of companies.
The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?
A. +32.0% B. +0.32% C.-3.2% D. +3.2%