As an individual consumes more of a good, the marginal utility of that good declines
a. True
b. False
Indicate whether the statement is true or false
True
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When there are three or more options, plurality-rule voting does a good job of capturing the preferences of voters
Indicate whether the statement is true or false
The price of one bedroom apartments in Cheyenne increased from $55,000 to $65,000 and the quantity of apartment for sale increased from 25 to 30. Using the midpoint method, the price elasticity of supply for apartments in Cheyenne is equal to
A) 0.916. B) 0.75. C) 1.09. D) 2.18. E) 0.08.
The unregulated portion of the economy involving goods and services that are produced and exchanged without monetary transactions is known as
a. the underground economy. b. the secret economy. c. the capital consumption. d. transfer payments.
Which of the following is NOT a criticism of international institutions such as the IMF, the World Bank, or the WTO?
A) They violate national sovereignty by imposing unwanted domestic policies. B) They fail to understand the effects of their policies on the vulnerable. C) Their decision-making is biased in favor of underdeveloped nations. D) They ignore potentially large adjustment costs for developing nations of implementing their policies.