The law of diminishing marginal utility suggests that a demand curve:
a. shows a direct relationship between price and quantity demanded.
b. has a slope equal to zero
c. has a positive slope.
d. has a negative slope.
d
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If it is not possible to increase the output of one good without decreasing the output of the other, when there are only two goods, then
A. this situation would describe a point on a production possibilities frontier for the producer. B. the outcome can be described as efficient. C. there is no unemployment of resources. D. All of these outcomes are correct.
If you have a checking account at First National Bank, the account is
A) an asset to both you and First National. B) a liability to both you and First National. C) an asset to First National and a liability to you. D) an asset to you and a liability to First National.
When the yen gets "stronger" relative to the dollar,
A. the U.S. trade deficit with Japan will rise B. the U.S. trade deficit with Japan will fall C. the U.S. trade deficit with Japan will be unchanged D. None of the above necessarily happens
If the MPP of an additional unit of labor is 4 units per hour, product price is constant at $5 per unit, and the wage rate is $19 per hour, then
A. The employer should lower wages and accept less employment of labor. B. The additional unit of labor should be employed. C. Product price must be reduced if profits are to be made. D. The additional unit of labor should not be employed because it costs more than it is worth.