Which of the following factors is always present in consumer decision making?
a. taxes
b. high prices
c. scarcity
d. changing consumer tastes
e. cost-of-living adjustments to income
c
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During Thanksgiving you participated in a pumpkin-pie eating contest. You really enjoyed the first two pies, the third one was okay, but as soon as you ate the fourth one you became ill and lost the contest. Your total utility ________ with the first three pies you ate.
A. first increased than decreased B. decreased C. stayed the same D. increased
If the quantity of money supplied does not respond to changes in the interest rate, then the money supply curve is
A) vertical. B) horizontal. C) relatively flat but upward sloping. D) relatively steep but upward sloping.
The table below shows how the output of surfboards varies in a small factory with the number of workers used per day. Based on these data, the marginal product of workers in the factory
a. increases steadily as more workers are employed. b. will be the same, no matter how many workers are employed. c. is at a maximum when 5 workers are employed. d. will start to decline when a third worker is employed.
Which of the following is considered a renewable natural resource?
A. Natural gas. B. Copper. C. Solar power. D. Coal.