The diamond/water paradox states that things with the ________ value in use frequently have ________ value in exchange.
A. greatest; little or no
B. greatest; the greatest
C. least; little or no
D. least; the least
Answer: A
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Referring to Figure 2.1,if you increase the production of farm goods, what other area is affected?
A) how much people can purchase B) the production of manufactured goods C) the wages earned by farm workers D) the price of produce
The additional cost to a producer of hiring an additional unit of labor is called the marginal cost
Indicate whether the statement is true or false
Banks can lower their liquidity risk by having more __________ on their balance sheet
A) government securities B) transactions deposits C) loans D) savings deposits
For a monopoly market, total surplus can be defined as the value of the good to
a. producers minus the cost incurred by consumers. b. producers plus the cost incurred by consumers. c. consumers minus the costs of producing the good. d. consumers plus the cost of producing the good.