What is the key assumption about marginal utility?
What will be an ideal response?
Generally, more consumption gives more utility. A key assumption about marginal utility is that it generally declines as more units of the good are consumed. This assumption is the principle of diminishing marginal utility.
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What is a "currency drain"? How and why does it affect the money multiplier?
What will be an ideal response?
What determines how much labor a household will supply?
What will be an ideal response?
Nearly _____________ of the world's people have never made a phone call.
Fill in the blank(s) with the appropriate word(s).
When an individual or firm in the United States requests that a bank sell foreign exchange, the bank will probably
A) call a foreign bank and arrange a purchase. B) call the central bank and arrange a purchase. C) call another bank customer with foreign exchange holdings. D) call another domestic bank and arrange a purchase. E) call a foreign exchange broker and arrange a purchase.