Economists refer to this pattern, the ___________________________________, which means that as a person receives more of a good, the additional or marginal utility from each additional unit of the good declines.
A. law of trade-offs
B. law of diminishing marginal utility
C. production possibilities frontier
D. law of increasing marginal utility
Ans: B. law of diminishing marginal utility
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If the government tried to implement a total ban on pollution: a. output prices would decrease
b. output prices would increase. c. production would increase. d. production would be unchanged.
Which of the following economic functions does the U.S. government perform?
A. collects taxes B. provides services C. issues regulations D. The U.S. government performs all of these tasks
How do modern markets differ from other economic systems in their capacity to produce “growth miracles”?
What will be an ideal response?
Easy monetary policy ________ interest rates which ________ the demand for a currency and ________ the market equilibrium value of the exchange rate.
A. increases; increases; increases B. increases; increases; decreases C. decreases; decreases; decreases D. increases; decreases; increases