In general, as a consumer acquires more and more of a good, the marginal utility remains constant.
Answer the following statement true (T) or false (F)
False
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In an attempt to reduce poaching of elephant tusks for ivory, officials in Kenya burned illegally gathered ivory. Economists tend to point out that
A. poaching can be reduced with price supports for ivory. B. the supply of ivory has fallen, leading to an increase in price and reward for poaching. C. burning ivory decreases demand, leading to lower prices and reward for poaching. D. the demand for ivory is higher, leading to an increase in price and reward for poaching. E. burning ivory raises demand, and controlled prices will lead to even greater poaching.
Suppose the quantity of x is measured on the horizontal axis. If the price consumption curve is vertical when the price of x changes, then the demand for x is
A) perfectly elastic. B) perfectly inelastic. C) unit elastic. D) There is not enough information to determine the price elasticity of demand for x.
According to the simple quantity theory of money in the AD-AS framework, when the money supply increases, the result is __________ in Real GDP and __________ in the price level
A) no change; no change B) a rise; no change C) no change; a rise D) a rise; a fall E) a fall; a rise
The economic principle that states that individuals or nations can gain by specializing in the production of goods that they produce cheaply and exchanging for other desired goods that they could only produce at a higher cost is
What will be an ideal response?