The law of diminishing marginal utility states as the consumption of a particular product increases, marginal utility decreases.
Answer the following statement true (T) or false (F)
True
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Refer to the figure above. What is the total surplus before Barylia opens up to free trade?
A) $250 B) $325 C) $800 D) $1,125
Some of the systematic mistakes that people make include
a. being overconfident. b. placing too much weight on events that are more vivid compared to those with greater statistical probability. c. being generally unwilling to change their minds. d. All of the above are correct.
Which of the following statements is NOT true about using per capita real GDP to measure a nation's economic growth?
A. The definition assumes that some of the increase in productivity goes to the poor. B. The definition does not indicate how the increase in growth is being disturbed among the nation's population. C. The definition has understated actual economic growth because it does not take into consideration changes in leisure. D. The definition is not perfect for measuring increases in a nation's productive capacity.
The budget deficit decreases during economic booms and increases during recessions.
Answer the following statement true (T) or false (F)