Increasing economic growth may be beneficial because
a. mass poverty is a serious problem in the United States.
b. most Americans do not have the basic goods and services necessary for a decent life.
c. the price level falls only if the economy is growing.
d. most of the world is still below the poverty level of income.
d
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The use of seat belts and other automobile safety features making bicycling more hazardous can be explained by the economic concept known as
A) the principle of diminishing returns. B) the principle of voluntary exchange. C) the real-nominal principle. D) the marginal principle.
Which of the following statements is true regarding utility?
a. Utility can be measured b. Utility cannot be measured c. Utility, at the margin, eventually increases as more of a good in consumed. d. A and C are true
Less than 13 percent of U.S. workers belong to unions.
Answer the following statement true (T) or false (F)
The marginal utility of the first smoothie that Jimmy drinks in the morning is worth $3.00. The marginal utility of the 4th smoothie he drinks is positive while the marginal utility of the 5th smoothie he drinks in the morning is worth $0. This implies that at a price of $0, Jimmy would drink
A. at most 5 smoothies per morning. B. an infinite number of smoothies each morning. C. more than 5 smoothies per morning, but the actual number is indeterminate from this information. D. zero smoothies per morning.