If finding the last stamp to complete your collection makes you happier than finding the first, then:
a. marginal utility is zero.
b. marginal utility is negative.
c. total utility is decreasing.
d. total utility is constant.
e. marginal utility is not diminishing.
e
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Without an increase in the supplies of factors of production, how can a nation achieve economic growth?
A) by producing more high-value goods and fewer low-value goods B) by increasing the prices of factors of production C) through technological advancement which enables more output with the same quantity of resources D) by lowering the prices of factors of production
Explain the key distinction between technological efficiency and economic efficiency
What will be an ideal response?
Last year the Jones family earned $40,000. This year their income is $42,000. In an economy with an inflation rate of 10 percent, which of the following is correct?
A. The Jones' nominal income and real income have both fallen. B. The Jones' nominal income and real income have both risen. C. The Jones' nominal income has increased and their real income has fallen. D. The Jones' nominal income has decreased and their real income has risen.
Direct democracy makes tariffs less likely to be voted into law because
A. domestic producers threatened by increased imports will lobby against the trade agreements entered into by the countries. B. the size of the individual losses would be larger than the individual gains from any potential protectionist measure. C. the number of people who are hurt by protectionist measures exceeds the number of people who gain from protectionist measures. D. each person does not vote on the basis of his/her direct interest as a winner or loser from protection.