The law of diminishing marginal utility states that as additional units are consumed, satisfaction per unit will decline
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Most American workers
A. are employed in the goods-producing sector. B. are employed by government. C. are employed in the service-producing sector. D. are employed in the agricultural sector.
If the Fed purchases government bonds, it
A) decreases bank reserves and the supply of money. B) decreases bank reserves but increases the supply of money. C) increases bank reserves and the supply of money. D) increases bank reserves but decreases the supply of money.
If the demand for hand-sewn leather shoes increases, it is likely the demand for leather will:
A. also increase. B. decrease slightly. C. stay the same. D. drop significantly and producers will use another material.
Which of the following is true of lags associated with discretionary policy?
a. Such lags extend only from the time a problem occurs in the economy through the time it is recognized by the government. b. Such lags extend only from the time a problem is recognized by the government through the time an agreed-on policy is approved of. c. Such lags extend only from the time a policy is approved through the time the policy is implemented. d. Such lags can be reduced by taxation. e. Such lags extend only from the time a problem occurs in the economy through the time a corrective policy has an impact on the economy.