For a risk-averse individual, marginal utility of income does not diminish.
Answer the following statement true (T) or false (F)
False
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If the economy is experiencing an economic boom, which point in the graph shown would likely represent this?
A. E1 B. E2 C. E3 D. E4
Foreign aid:
A. provided by developed countries to developing countries represents about 10 percent of the GDP of developed countries. B. is an important source of funding for investment in most developing countries. C. does not contribute much to domestic investment in most developing countries. D. is largely wasted in most developing countries because it comes with no strings attached.
The demand curve for the product of a monopolistic competitor is
A. vertical. B. downward sloping. C. unitary elastic. D. horizontal.
The law of ________ explains why a marginal revenue product schedule eventually declines.
A. diminishing marginal opportunity costs B. diminishing marginal returns C. increasing marginal returns D. increasing marginal opportunity costs