"I'm tired of eating muffins for breakfast. Today, I'm trying a bagel." These statements most clearly reflect the:
a. law of increasing returns to scale.
b. second law of demand.
c. law of diminishing marginal utility.
d. law of comparative advantage.
c
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Suppose the banking system has $100,000 in outstanding deposits and actual reserves of $35,000. If the required reserve ratio is 20 percent, the maximum amount the banking system can add to the money supply is:
A. $175,000. B. $500,000. C. $75,000. D. $15,000.
Why don't people take into consideration the external costs of their actions and reduce the amount of externalities?
What will be an ideal response?
The opportunity cost to society of producing one more unit of the good is
A) average cost. B) marginal cost. C) efficiency costing. D) the optimal cost.
A political leader suggesting that an economic downturn will be cushioned automatically is referring to
A. Monetary policy. B. Discretionary Fiscal Policy. C. Tax policy changes. D. Nondiscretionary Fiscal Policy.