Money is not subject to the law of diminishing marginal utility
Indicate whether the statement is true or false
F
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Refer to Mexico and Japan. Can trade in food and cloth benefit Mexico and Japan?
a. It cannot benefit Japan, because Japan cannot successfully compete with Mexico.
b. It cannot benefit Mexico, because Japan is too small to be an effective trading partner.
c. It can benefit both only if the people in Mexico and Japan have different tastes.
d. It can benefit both if Mexico specializes in food and Japan specializes in cloth.
Which of the following is an example of government discretionary spending?
A) defense spending B) net interest paid on government debt held by the public C) Social Security retirement payments D) Medicare benefits for the elderly
The U.S. Gini ratio for income has ________ within recent decades, which means economic inequality has ________
A) decreased; increased B) decreased; decreased C) increased; decreased D) increased; increased
If a firm can segment its market, and the parts cannot communicate among themselves, then
A) arbitrage can occur. B) prices in the segments will tend to be equal over time. C) arbitrage cannot occur. D) the different elasticities will be equal over time.