When marginal utility is negative, total utility is
A. rising.
B. falling.
C. zero.
D. negative.
B. falling.
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The longest and most severe recession in the United States since 1925 began in:
A. 1945. B. 1982. C. 1957. D. 1929.
When inventories accumulate, unemployment rises.
Answer the following statement true (T) or false (F)
Although some tastes do change over time, economists believe that tastes are relatively stable. If tastes were not mostly stable, then we
a. could not even draw a supply curve b. could not reasonably make the other-things-constant assumption required for demand analysis c. would not have any concerns about still drawing demand curves d. could no longer eat food e. would be basing economic models on real life instead of making impossible assumptions
Which of the following is true of the life-expectancy rates observed across the world economies in 2007?
a. Life expectancy at birth averaged 72 years in sub-Saharan Africa. b. Life expectancy at birth averaged 80 years in high-income economies. c. Life expectancy at birth averaged 52 years in middle-income economies. d. Life expectancy at birth averaged 69 years in all low-income economies.