Diminishing marginal utility of wealth implies that the utility function is
a. upward-sloping and has decreasing slope.
b. upward-sloping and has increasing slope.
c. downward-sloping and has decreasing slope.
d. downward-sloping and has increasing slope.
a
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Bobby moves along an indifference curve for shirts and pants by increasing consumption of shirts and decreasing consumption of pants. As Bobby has more and more pants, the number of shirts he is willing to trade for yet another pair of pants
A) decreases. B) increases. C) does not change. D) initially decreases and then increases.
Supply-siders are generally critical of government intervention and regulation, since they believe regulations can be costly impediments to economic growth
a. True b. False Indicate whether the statement is true or false
If the United States imports televisions and the U.S. government imposes a tariff on televisions, then
a. total surplus in the American television market decreases. b. producer surplus in the American television market increases. c. U.S. imports of foreign televisions decrease. d. All of the above are correct.
Exhibit 13-1 Consumer Price Index Year ConsumerPrice Index 1 100 2 110 3 115 4 120 5 125 As shown in Exhibit 13-1, the rate of inflation for Year 2 is:
A. 5 percent. B. 10 percent. C. 20 percent. D. 25 percent.