Which of the following most directly reflects the law of diminishing marginal utility?
A. After watching two football games, Terry decides to watch a third game.
B. A sports fan enjoys watching Monday night football rather than going to the theater.
C. After watching three episodes of her favorite show, Kim decides to go bowling rather than watch a fourth episode.
D. A musician receives the biggest ovation of the evening after playing the final number of a recital.
Answer: C
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The wage rate. is the price of a unit of labor. What happens to the supply of labor if the wage rate increases?
A. It increases. B. It decreases. C. It does not change. D. Uncertain-economic theory has no answer to this question.
Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $95 dollars, total consumer surplus will be
A) $0. B) $35. C) $80. D) $95.
The Ricardian model of comparative advantage lends support to the argument that
A) trade tends to worsen the conditions of unskilled labor in rich countries. B) trade tends to worsen the conditions of owners of capital in rich countries. C) trade tends to worsen the conditions of workers in poor countries. D) trade tends to worsen the conditions of workers in rich countries. E) trade is mutually beneficial to the countries that engage in it.
The government's main statistic for forecasting business cycles is the index of coincident indicators
a. True b. False Indicate whether the statement is true or false