The principle of diminishing sensitivity holds that:
A. the marginal impact of enlarging a change from the status quo declines with the size of the change.
B. the marginal impact of enlarging a change from the status quo increases with the size of the change.
C. the total impact of enlarging a change from the status quo declines with the size of the change.
D. the total impact of enlarging a change from the status quo increases with the size of the change.
A. the marginal impact of enlarging a change from the status quo declines with the size of the change.
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Other things equal, who of the following would not tend to earn more? a. Someone in a riskier or more unpleasant job, rather than a safer or more pleasant job. b. Someone in a job that requires a graduate degree rather than an undergraduate degree. c. Someone who works longer hours, rather than shorter hours
d. All of the above would tend to earn more.
According to economists Hamermesh and Biddle, how much more do people who are deemed more attractive than average earn?
To calculate market demand, we
A. Add the quantities demanded for each individual demand schedule vertically. B. Find the difference between the quantity demanded and the quantity supplied at each price. C. Find the average quantity demanded at each price. D. Add the quantities demanded for each individual demand schedule horizontally.
A $50 billion increase in both government spending and taxes will
A) increase GDP by less than $50 billion. B) not change the level of GDP. C) increase GDP by $50 billion. D) increase GDP by more than $50 billion.