If, as a person consumes more and more of a good, each additional unit adds less satisfaction than the previous unit consumed, we are seeing the workings of
A) the law of demand.
B) the law of supply.
C) the law of increasing marginal opportunity cost.
D) the law of diminishing marginal utility.
Answer: D
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Which of the following defines a recession?
a. Real GDP is increasing. b. Real GDP is decreasing. c. Real GDP is below its full employment level. d. Unemployment is unusually low. e. Employment growth is positive.
A monopolist that chooses price
A) necessarily produces less than a monopolist that chooses quantity, hence the laws against price fixing. B) produces the same amount as a monopolist that chooses quantity. C) produces more than a monopolist that chooses quantity, thus the irony of laws against price fixing. D) could produce more or less than a monopolist that chooses quantity since the demand curve is not specified.
Refer to the table representing Darcy's bank account. Assuming that $1,000 was deposited into her account at the beginning of year 1, and no further deposits or withdrawals were made, how much interest would Darcy receive in Year 2 only?
A. $60.
B. $63.60.
C. $120.
D. $123.60.
The question of legality in daily fantasy comes down to
A. how big the bet is. B. whether it is a game of skill or chance. It is usually illegal if it is a game of chance. C. whether the points system is transparent. D. whether it is a game of skill or chance. It is usually legal if it is a game of chance.