It is likely true that education produces positive externalities
a. True b. False
a
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The law of diminishing marginal utility helps explain: a. why most individual demand curves are straight lines. b. why most supply curves slope upward
c. why most individual demand curves slope downward. d. why marginal utility falls when total utility falls.
Inputs in production processes are called resources
a. True b. False Indicate whether the statement is true or false
In economics, a free rider is the term used for a person who
a. receives the benefit of a good without contributing to its costs of production. b. purchases an item during a "buy one, get one free" sale. c. lives in a town in which the city provides free bus service. d. pays for exactly what they receive.
Changes in the price of good A lead to a change in:
A. the quantity demanded of good A. B. demand of good B. C. the quantity demanded of good B. D. demand of good A.