As an individual consumes more of a product within a given period of time, it is likely that each additional unit consumed will yield
A. the same amount of satisfaction.
B. successively less satisfaction.
C. successively more satisfaction.
D. less satisfaction for a while and then start to add more satisfaction.
Answer: B
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Use the data in the table below to answer the next question. The data describes a hypothetical economy and are denominated in billions of dollars.Disposable income$200Net private domestic investment40Value of imports15National income300Personal taxes31Net exports9Gross private domestic investment55Net foreign factor income10Statistical discrepancy0This nation's exports are ________.
A. $16 billion B. $24 billion C. $9 billion D. $28 billion
The calculated price elasticity of demand:
A. is always a negative number, although it is sometimes reported as an absolute value. B. is sometimes negative and sometimes positive, depending on the magnitude of response. C. is always a positive number, because price and quantity are directly related in terms of demand. D. can be positive or negative, but is always reported as an absolute value.
Whenever exports exceed imports (and other planned injections equal other planned leakages), the economy
a. remains stable. b. expands. c. contracts. d. deflates.
Barter transactions involve a double coincidence of wants.
Answer the following statement true (T) or false (F)