Gemma gains more satisfaction from eating at a French restaurant then she does from eating at a Chinese restaurant. This is a comparison of the ______ that the two dining experiences have for her.
a. equilibrium
b. endowment
c. substitution
d. utility
d. utility
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The immigrants most likely to go directly to the lands in the West, rather than be absorbed into the eastern city populations, were from
a. England and Scotland. b. Germany c. Ireland. d. France.
The loanable funds market brings together savers and borrowers to determine the
a. marginal rate of return on investment b. rate of time preference c. market rate of interest d. marginal resource cost of investment e. marginal revenue product of investment
A lower domestic price level should
A. decrease real wealth and consumption. B. increase net exports. C. decrease desired investment. D. none of these.
The diamond-water paradox is an example that shows that
A. marginal utility can initially increase and then decrease. B. necessities like water should have a higher price. C. there are exceptions to the law of diminishing marginal utility. D. marginal utility rather than total utility determines what people are willing to pay for a good.