Phil found that as he continued to crowd laborers into his hot dog stand, the extra output he was receiving from each additional laborer was beginning to fall off. This is an example of the
A) law of increasing opportunities.
B) law of demand.
C) law of diminishing marginal utility.
D) law of diminishing product.
Answer: D
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Our ______ summarizes our transactions involving the international exchange of goods and services, investment income, and other miscellaneous transactions.
Fill in the blank(s) with the appropriate word(s).
Controlling the nation's money supply is the most important duty of the Federal Reserve
Indicate whether the statement is true or false
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the accompanying graph. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph.
Demand for the new drug is ________ while demand for one brand of the over-the-counter pain relievers is ________.
A. the vertical line at 100; the line labeled A B. the line labeled A; the line labeled B C. the horizontal line at $60; the line labeled B D. the line labeled B; the line labeled A
According to the availability heuristic, we often estimate the frequency of an event by:
A. the ease with which we can recall relevant examples. B. using available data from either the government or other organizations. C. how much we enjoyed the event. D. the degree to which the event resembles stereotypical members of a category.