"The marginal utility received from each additional unit of a good consumed declines, other things constant." This is a statement of the law of
a. increasing marginal returns
b. marginal rate of substitution
c. supply
d. diminishing marginal utility
e. demand
D
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Refer to the scenario above. The housekeeper's behavior is an example of a ________
A) moral hazard B) positive externality C) prisoners' dilemma D) tragedy of the commons
If high level of corruption in a country deters foreign investment in worthy projects, this is known as
A) portfolio investment. B) moral hazard. C) foreign direct investment. D) adverse selection.
Refer to the accompanying table. The total utility of consuming two dinners out per week is:Number of DinnersOut Per WeekTotal UtilityMarginal Utility1100 2 753235 4250
A. 75. B. 160. C. less than 100. D. 175.
The real GDP per capita allows economic comparison between countries.
Answer the following statement true (T) or false (F)