Due to the law of diminishing marginal utility, _____
a. the first unit of a product offers more satisfaction than the last unit of the same product
b. the marginal utility curve is upward sloping
c. when marginal utility becomes negative, total utility increases
d. marginal utility is zero when total utility is zero
e. when marginal utility becomes positive, total utility declines
a
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Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money
A) commodity B) fiat C) electronic D) funny
If the bidders at an oral auction have true values of $78, $72, $66, and $65, the item will sell for
a. $78 b. just under $78 c. $72 d. just over $72
Say’s Law implies that
a. production generates income, which is all spent to purchase what was produced. b. demand creates its own supply. c. markets do not clear. d. demand determines real output.
The Employment Act of 1946
a. implies that the government should avoid being a cause of economic fluctuations. b. implies that the government should respond to changes in the private economy to stabilize aggregate demand. c. reflected the ideas promoted in Keynes's influential book, The General Theory of Employment, Interest, and Money. d. All of the above are correct