The law of diminishing marginal utility implies that total utility never reaches a maximum.
Answer the following statement true (T) or false (F)
False
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Aggregate demand is the total demand for intermediate goods and services in an entire economy.
Answer the following statement true (T) or false (F)
A tax is sometimes used by government to correct the problems associated with
A. negative externalities. B. internal benefits. C. positive externalities. D. external benefits.
Refer to the information provided in Figure 2.1 below for the economy of Macroland to answer the question(s) that follow.
Figure 2.1Refer to Figure 2.1. Macroland is currently operating at Point A. The best explanation for this is that
A. the economy has very few resources. B. the economy's resources are being used inefficiently. C. the economy operates as an efficient market. D. the economy has very poor technology.
The ceteris paribus assumption is used in economic analyses in order to: a. cover special cases
b. include all relevant factors. c. add realism. d. keep the relationship between the two variables isolated from other events.