The law of diminishing marginal utility is consistent with the consumer behavior that produces a negatively sloped demand curve.
Answer the following statement true (T) or false (F)
True
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How can governments intervene in trade?
A) by not buying products from competing countries B) by helping reduce economic uncertainty C) by producing cheaper products D) all of the above
Which of the following environmental problems are largely caused by persistent poverty?
(a) Deforestation. (b) Soil erosion. (c) Ground water contamination. (d) All of the above.
In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers.
A. market-oriented economy B. macroeconomy C. microeconomy D. command economy
When the government eliminates artificial barriers to entry:
A. firm profits will rise. B. prices to consumers will likely decrease. C. competition in the market will decrease. D. All of these will occur.