In the circular-flow diagram, which of the following is not a factor of production?
a. labor
b. land
c. capital
d. money
d
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Which statement best illustrates the concept of diminishing marginal utility?
A. Some consumers will receive less satisfaction from consuming pizza than from consuming hamburgers. B. As one consumes more slices of pizza for lunch, one would be willing to pay a higher price for additional slices. C. A typical consumer will receive less satisfaction from consuming the third slice of pizza for lunch than from the second slice. D. A decrease in the price of slices of pizza will cause consumers to buy more slices for lunch, because they can afford to buy more.
The underground economy means that GDP will overstate the actual level of economic welfare
Indicate whether the statement is true or false
If a monopolist's price is $50 at the output where marginal revenue equals marginal cost and average total cost is $43, then the average profit is $7
Indicate whether the statement is true or false
Local governments receive around _____ of their total revenue from intergovernmental transfers
a. fifteen percent b. twenty-five percent c. thirty-five percent d. forty-five percent