Javier goes to an all-you-can-eat buffet at a Chinese restaurant and consumes three plates of food. Which of the following explains why the third plate of food does not provide as much satisfaction as the second plate?
A. The law of expanding externalities.
B. The rule of total utility.
C. The law of supply.
D. The law of diminishing marginal utility.
Answer: D. The law of diminishing marginal utility.
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If Stock A and Stock B both increase in value at the same time, they are
A) negatively correlated. B) uncorrelated. C) positively correlated. D) certain bets.
Aggregate income equals: a. the sum of income earned by all laborers in the world economy
b. the sum of income earned by all workers in the private sector. c. the sum of the income earned by all the resource suppliers in an economy. d. the total income of all employees after payment of income tax. e. the total income of all employees after purchases of necessities.
The growth of total output in the United States since 1929 has been:
A. rapid but with fluctuations B. rapid and smoothed. C. slow and steady D. slow with fluctuations
Price discrimination is not viable if consumers can resell the products they purchase.
Answer the following statement true (T) or false (F)