The belief that having more of something makes you happier but in successively smaller increments is called
A) utilitarianism.
B) diminishing marginal utility.
C) the benefits-received principle.
D) transcendentalism.
B
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What is the distinction between a money price and a relative price?
What will be an ideal response?
If the equilibrium price of good X is $4 and a price ceiling is imposed at $5, the result will be a(n):
a. depletion of inventories. b. shortage. c. surplus. d. equilibrium.
Which of the following could be a cause of consumption decreasing?
A. Real income increases. B. Interest rates increase. C. Wealth increases. D. Expected future income increases.
Which of the following best describes the traditional political use of tariffs?
a. protection of borders b. protection of military secrets c. protection of exchange rates d. protection of vested economic interests