The main reason why one nation trades with another is to
A. save its natural resources from rapid depletion.
B. exploit the advantages of specialization.
C. eliminate the danger of retaliation from other nations.
D. improve political alliances.
Answer: B
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Which best expresses the law of diminishing marginal utility?
A. The more a product is consumed, the greater the total utility received from the product. B. The less a product is consumed, the smaller the marginal utility received from the product. C. The more a product is consumed, the smaller the total utility received from the product. D. The more a product is consumed, the smaller the marginal utility received from the product.
To cut inventories, firms produce ________ and real GDP ________, which ________ people's incomes
A) less; rises; lowers B) less; falls; lowers C) less; rises; raises D) more; falls; lowers E) more; rises; raises
In Griggs v. Duke Power Company, the Supreme Court allowed intelligence tests by employers to screen potential workers
Indicate whether the statement is true or false
A given change in disposable income would have the greatest effect on aggregate demand with which of the following marginal propensities to consume?
a. 0.4 b. 0.6 c. 0.8 d. 0.2