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 diminishing marginal utility.
B. law of increasing opportunities.
C. law of demand.
D. law of diminishing product.
Answer: D
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If the balance of payments accounts of a country shows a current account deficit, it means that
A. the country's foreign assets are growing more quickly than its foreign liabilities. B. the country's exports are higher than its imports. C. the country's foreign assets are growing more slowly than its foreign liabilities. D. the country is acting as a net lender to the rest of the world.
Which formula is correct?
A. Yd + S = C B. Yd × S = C C. Yd = S + C D. Yd + C = S
Absent market imperfections, when firms ________ profits and households ________ utility Pareto optimality has been obtained.
A. maximize; maximize B. minimize; minimize C. maximize; minimize D. minimize; maximize
All developing countries suffer from a critical shortage of:
A. Land B. Population C. Capital goods D. Government regulation