As an individual increases his consumption of onion rings, it is likely that:
a. his marginal utility and total utility both increase
b. his marginal utility and total utility both decrease.
c. his marginal utility increases and his total utility decreases.
d. his marginal utility decreases and his total utility increases.
d
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Government decisions tend to be biased toward actions that have
a. current benefits that are easily observable and future costs that are difficult to identify. b. current benefits and future costs that are both difficult to identify. c. future costs that are easily observable. d. clear benefits to the poor at no costs to the wealthy.
Summarize how the law of demand explains the effects of price on the quantity demanded
What will be an ideal response?
A person has a comparative advantage in an activity whenever he or she
A) has an absolute advantage in the activity. B) can perform the activity at a lower opportunity cost than can anyone else. C) can do the activity in less time than anyone else. D) can do everything better than anyone else.
The existence of scarcity means that
A) there are not enough resources to satisfy unlimited human wants. B) firms will increase their production to eliminate the scarcity. C) the government will step in to eliminate the scarcity. D) firms working with the government will allocate resources to eliminate the scarcity.