If Tom's total utility from watching one more minute of television increases but the increase for each additional minute is smaller than the previous minute, he has diminishing marginal utility
Indicate whether the statement is true or false
TRUE
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Joe has $50 to spend on pizza and movies. If movies are $5 each and a pizza is $10 then, assuming he spends all his money, he can buy which of the following bundle of goods?
A) 6 movies and 2 pizzas B) 8 movies and 4 pizzas C) 2 movies and 6 pizzas D) 6 movies and 4 pizzas
Explain how price expectations can affect the supply of a product
What will be an ideal response?
When the Soviet Union began breaking up in the late 1980s, cigarettes began replacing the ruble as the medium of exchange even though the ruble was legal tender. The cigarettes provide an example of commodity money
a. True b. False Indicate whether the statement is true or false
Refer to the following graph.
The massive increase in defense spending is best represented by the:
A. AD curve shifting from AD1 to AD0. B. SAS curve shifting from SAS0 to SAS1. C. SAS curve shifting from SAS1 to SAS0. D. AD curve shifting from AD0 to AD1.