The law of diminishing marginal utility implies that the marginal utility of my fifth waffle is less than the marginal utility of my friend's second waffle, other things constant
a. True
b. False
B
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Firm A producing one good acquires another firm B producing another good. The cross price elasticity of demand for the goods owned by each firm is 2.6 . Holding other things constant, the acquiring firm should
a. Raise prices on both goods b. Lower prices on both goods c. Raise price on the acquired good only d. Need more information
Which of the following is not considered a factor that contributes to economic growth?
a. increased labor productivity b. increased infant mortality rates c. technological advances d. the migration of resources from areas of low productivity to areas of high productivity
When a strike or a lockout occurs,
A. Both labor and management suffer. B. Management suffers from a strike while labor suffers from a lockout. C. Only labor suffers. D. Only management suffers.
Which of the following best exemplifies why countries engage in international trade?
a. Epic Oil coerced the small island nation Lilliput to open its coastal waters for exploration. b. Northland exchanged cherries and apples with Southland, which grew oranges and mangoes. c. King Leo believed he had a duty to share his country’s wealth with neighboring states. d. Lower Doldra had to trade with Belladonia, the country that conquered and colonized it.