The MB curves in the diagram slope downward because of the law of:
A. conservation of matter and energy.
B. diminishing returns.
C. diminishing marginal utility.
D. increasing cost.
C. diminishing marginal utility.
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The Navigation Acts:
a. required certain commodities to be traded within the British empire only. b. provided for the free trade of colonial goods, including tobacco, indigo and sugar. c. required all colonial trade to be carried on English vessels. d. were abolished in 1700. e. both a and c are correct.
The interest rates on outstanding credit card balances are generally high because
A) the default rate on credit card loans is high and there are no assets backing these loans. B) the banks "price gouge" consumers in this market. C) there is little competition in this lending market. D) the administrative costs associated with these loans are low.
At one unit of output AVC is
A. zero. B. less than marginal cost. C. infinite. D. equal to marginal cost.
Table 9.1 Disposable IncomeTotal Consumption(Billions of dollars per year)(Billions of dollars per year)$0$50200210What is the marginal propensity to save in Table 9.1?
A. 0.05. B. 0.20. C. 0.80. D. 0.24.