"As we consume increasing amounts of a good or service, we derive diminishing utility from each additional unit consumed" defines ______________________.
Fill in the blank(s) with the appropriate word(s).
The Law of Diminishing Marginal Utility
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Suppose that the Fed decides to decrease the money supply by 0.87 percent. If the velocity of money is constant, then the quantity theory of money predicts that:
a. nominal GDP will remain unchanged. b. the quantity of output will rise by 0.87 percent. c. nominal GDP will fall by 0.87 percent. d. the price level will fall by 0.87 percent. e. real GDP will fall by 0.87 percent.
Which of the following categories accounts for about one-third of the total spending of state and local governments?
a. Community development b. Health and sanitization c. Education d. Transportation
Which of the following is least likely to reduce poverty?
A. Receiving aid from private charities or NGOs. B. Receiving foreign aid from rich donor countries. C. Redirecting resources within the poor nation away from the military. D. Raising taxes within the poor nation.
Clarity Bank has a money multiplier of 12. If Ayesha deposits $75,000 into her account at Clarity, her money could potentially create ______ in new money.
a. $6,250 b. $75,000 c. $900,000 d. $583,333