If successive units of a good are consumed, the marginal utility gained typically:
A. increases at the same rate for all people.
B. increases at different rates for different people.
C. decreases at the same rate for all people.
D. decreases at different rates for different people.
D. decreases at different rates for different people.
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Refer to Tax Problem. In the absence of any government intervention (e.g. taxes or price controls), the market equilibrium is
Consider a perfectly competitive market were demand is Q = 100 - P and Supply is Q = P - 10. a. P = 45, Q = 45 b. P = 55, Q = 45 c. P = 45, Q = 55 d. P = 55, Q = 55
Concerns over unpleasant or unsafe standards of foreign labor do not affect most of U.S. trade because most U.S. trade is intra-industry and carried out with
a. high-income countries that have labor standards similar to the United States. b. low-income countries that have labor standards similar to the United States. c. high-income countries that have lower labor standards than the United States. d. low-income countries that have lower labor standards than the United States.
All increases in the level of human capital take place in schools
a. True b. False Indicate whether the statement is true or false
The aggregate supply curve is
a. vertical in the long run and slopes upward in the short run. b. upward sloping in the long run and vertical in the short run. c. vertical in the short run and in the long run. d. upward sloping in the short run and in the long run.