According to utility theory, when total utility reaches a maximum, then marginal utility is:

A. Increasing
B. Decreasing
C. At a minimum
D. Equal to zero


Answer: D. Equal to zero

Economics

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The supply of money is easier to control with commodity money than it is with fiat money

Indicate whether the statement is true or false

Economics

Under the Bland-Allison Act of 1878,

(a) the U.S. Treasury committed to buying silver for coins at the current market price. (b) the U.S. Treasury committed to buying gold for coins at a set price. (c) the U.S. was placed on the gold standard. (d) the National Monetary Commission was created.

Economics

Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid by the hour. Under this contract,

A) production efficiency is not achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.

Economics

What is not correct about the Northern U.S. abolitionist movement?

a. Northern slaveholders could sell their slaves to the south. b. Slave owners in the North suffered significant economic loss because of the movement. c. Most Northern states freed slaves after they had reached a minimum age. d. In most northern states freedom was granted over a gradual period of time.

Economics