Money is a concept that has a certain value at a point in time.
Answer the following statement true (T) or false (F)
True
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When organizing a collective action, it is generally true that the larger the group the:
A. lower the costs and benefits per person. B. higher the costs and lower the benefits per person. C. lower the costs and higher the benefits per person. D. higher the costs and benefits per person.
The principle of comparative advantage is associated with
a. restricting consumer choices. b. greater production at higher prices. c. specialization and exchange. d. comparing the efficiency of alternative tariffs.
Under a progressive tax system, the marginal tax rate could be equal to the average tax rate only when a taxpayer
a. has a very high income. b. has a very low income. c. is self-employed. d. invests in a retirement plan.
Javier goes to an all-you-can-eat buffet at a Chinese restaurant and consumes three plates of food. Which of the following explains why the third plate of food does not provide as much satisfaction as the second plate?
A. The law of expanding externalities. B. The rule of total utility. C. The law of supply. D. The law of diminishing marginal utility.