A) The total utility of a product remains constant regardless of the quantity consumed B) As a person consumes more of a good, the additional utility from each additional unit decreases C) The more units of a product produced, the higher the price will be D) Consumers will always choose the product with the highest utility
A) Use value B) Monetary value C) Intrinsic value D) Exchange value
A) Real value is determined by supply and demand, while nominal value is arbitrary B) Real value is fixed, while nominal value fluctuates C) Nominal value is tangible, while real value is intangible D) Real value accounts for inflation, while nominal value does not
A) The value of the next best alternative that must be forgone in order to pursue a different option B) The cost of opportunities that are equal in value C) The cost of an opportunity that is too expensive to pursue D) The benefit of choosing the most expensive option
A) Marxist theory B) Rational choice theory C) Behavioral economics D) Keynesian economics
A) As the price of a good increases, the quantity supplied also increases B) Producers will only supply goods that are in excess demand C) As the price of a good decreases, the quantity supplied also decreases D) The supply of a good is constant regardless of price changes
A) Gross Domestic Product (GDP) B) National debt C) Consumer Price Index (CPI) D) Inflation rate
A) The value of goods decreases as more are produced B) Increasing the number of inputs always leads to greater outputs C) The more hours worked, the higher the rate of production D) As additional units of a variable input are added to fixed inputs, the marginal product of the variable input decreases
A) The total revenue generated by consumer spending B) The difference between what consumers are willing to pay for a good and what they actually pay C) The amount of money consumers save by not buying a product D) The excess income consumers have after purchasing goods |