Which of the following is likely to occur as the result of the law of diminishing marginal utility?
A) Petra's utility from her second apple was less than her satisfaction from her first orange.
B) Sabine's utility from her first granola bar is greater than Rachel's utility from her second granola bar.
C) Wesley enjoyed his second bottle of iced tea less than his first bottle, other things constant.
D) Hudson enjoyed his second slice of pizza more than his first.
C
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The Latin term "ceteris paribus" means
A) "obviously true." B) "what is true of the whole is not necessarily true of the parts." C) "false unless proven true." D) "other things remaining the same." E) "after this, therefore because of this."
Relative to the demand curve for low-skilled workers, the demand curve for high-skilled workers lies
A) to the right. B) to the left. C) below. D) in the same place.
Many rural bank failures in the 1980s can be attributed to
a. the high farm prices of the 1970s that continued to rise in the 1980s and 1990s b. farmers' reluctance to buy more machinery and expand production due to the high farm prices of the 1970s c. the collapse of farm prices and land values in the early 1980s d. numerous loans made to oil-export economies such as Mexico and Venezuela e. the lack of rural loan portfolios being involved in farm ventures
"Absolute real economic growth" is defined as an increase in __________ from one period to the next
A) GDP B) Real GDP C) Real GDP per person D) the inflation rate