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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________ emphasized that animal spirits affect GDP
A) Adam Smith B) Milton Friedman C) David Ricardo D) John Maynard Keynes
Refer to Figure 4-10. What is the area that represents consumer surplus after the imposition of the ceiling?
A) A + B + C B) A + B + D + F + G C) A + B + D D) A + B + D + F
In 2010, gross private domestic investment constituted ________ percent of nominal GDP
A) 70.4 B) 12.4 C) 18 D) -5.4
When economists say the quantity supplied of a product has decreased, they mean the
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.