Economists point out that scarcity confronts
A) neither the poor nor the rich.
B) the poor but not the rich.
C) the rich but not the poor.
D) both the poor and the rich.
D
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Since 1960, infant mortality rates in the United States have
A) dropped more than 75%. B) dropped by about 20%. C) risen slightly. D) dropped by less than 5%.
In Figure 4-5 above, the money market is in equilibrium
A) at points B, C, and E. B) at points A and E. C) only at point E. D) at points E and D. E) at points A, B, E, and C.
The demand curve facing a monopolist will be more elastic
A) the greater is the number of substitute products. B) as the consumers' need for the good increases. C) the greater is the amount of fixed costs to cover. D) as the number of consumers increases.
"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