If the population is growing faster the economy, then per-capita output is falling.
Answer the following statement true (T) or false (F)
True
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If, as a person consumes more and more of a good, each additional unit adds less satisfaction than the previous unit consumed, we are seeing the workings of
A) the law of increasing marginal opportunity cost. B) the law of demand. C) the law of supply. D) the law of diminishing marginal utility.
An annual household income of $19,000 would not be in the lowest quintile in 2005
Indicate whether the statement is true or false
When financial institutions borrow from the Federal Reserve, this is called
A. open market operations. B. borrowing on margin. C. using the discount window. D. fiscal policy.
Price discrimination refers to:
A. selling a given product for different prices at two different points in time. B. any price above that which is equal to a minimum average total cost. C. the selling of a given product at different prices to different customers that do not reflect cost differences. D. the difference between the prices a purely competitive seller and a purely monopolistic seller would charge.