By 2009, the percentage of the U.S. labor force employed in agriculture was:
a. 1.1 percent.
b. between 2and 5percent.
c. about 10 percent.
d. 3percent.
a. 1.1 percent.
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_____ is the change in total utility that occurs because one more unit of a good is consumed or acquired
a. Total utility b. Marginal utility c. Disutility d. Diminishing marginal utility e. Expected utility
There are few laws in economics. One is this: "As consumption of a good increases, the extra satisfaction received from consuming an additional unit of the good decreases.". This is known as the law of
a. demand b. diminishing total utility c. diminishing marginal utility d. diminishing marginal returns e. total utility
If real GDP is 100 in year 1, and grows at a rate of 3 percent per year for 9 years, what will real GDP be in 9 years?
What will be an ideal response?
In Figure 6.7 with a quantity constraint of Q1, the dead weight loss is area:
A. A. B. H + I + J. C. C + F. D. G.