The law of diminishing marginal utility states that total utility will increase at a decreasing rate as additional units of a commodity are acquired.
Answer the following statement true (T) or false (F)
True
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In Econland exports equal 25% of total output, while imports equal 20% of total output. Econland has:
A. a trade surplus B. a budget deficit. C. a budget surplus. D. a trade deficit.
If the price of a good decreases while the quantity of the good exchanged on markets increases, then the most likely explanation is that there has been
a. a decrease in supply. b. an increase in supply. c. a decrease in demand. d. an increase in demand.
In building a model to analyze economic situations, one of the important assumptions is
A) ceteris paribus. B) scarcity. C) conversion abstraction. D) cognitive dissonance.
When the MPC is 0.8 and t is 0.4, then the government spending multiplier is about -1.54.
Answer the following statement true (T) or false (F)