After consuming what quantity of donuts does the consumer in the table below experience diminishing marginal utility?
A. 1
B. 2
C. 3
D. 4
Answer: A
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An explanation for how the price of water can be less than the price of diamonds, even though water is more valuable, is that
a. price is a poor guide to value. b. markets for water and diamonds are not competitive. c. price reflects marginal value, not total value. d. diamond production requires more labor, and value is based on labor.
Which of the following is NOT one of the components for computing GDP based upon the income approach?
A) investment B) corporate profits C) compensation of employees D) net interest
In the circular flow diagram, which of the following is true in resource or factor markets?
(a) Households buy resources from business firms. (b) Households sell products to business firms. (c) Households sell resources to business firms. (d) Business firms and households resources are unlimited.
The Food Quality Protection Act of 1996
a. amended both TSCA and FIFRA b. gives particular attention to pesticide risks faced by infants and children c. establishes several health-based standards to control pesticides in foods d. none of the above