The principle of diminishing marginal utility states that people don't enjoy consuming more of a good.
Answer the following statement true (T) or false (F)
False
The principle of diminishing marginal utility states that the marginal utility that a person gets from each additional unit of a good decreases with each unit consumed after some point.
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Suppose the federal government implemented a flat tax to replace the income tax, and the flat tax saved taxpayers a total of $5 billion. A tax change such as this could be viewed as an example of the federal government implementing
A) contractionary monetary policy. B) contractionary fiscal policy. C) expansionary monetary policy. D) expansionary fiscal policy.
A change in the price level will cause a shift in the expenditure schedule
a. True b. False Indicate whether the statement is true or false
Which of the following examples would an economist concerned about individual freedom and liberty most likely support?
a. increasing government oversight of education b. hiring more government employees c. more government involvement in the environment d. less government involvement in business
Which statement is true?
A. The first trustbusters were Presidents Franklin D. Roosevelt and Harry Truman. B. The merger of Exxon and Mobil oil companies was a vertical merger. C. The Supreme Court did not use the rule of reason in the ALCOA case of 1945. D. The trend toward concentration of business has declined ever since the passage of the Sherman Antitrust in 1890.