Water is cheap and diamonds are expensive because water has a ________, and diamonds have a ________
A) low total utility; high total utility
B) low marginal utility; high marginal utility
C) high marginal utility; low marginal utility
D) low marginal utility and a low total utility; high marginal utility and a high total utility
B
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In the classical model, the aggregate supply curve
A) is not related to the employment rate. B) is horizontal. C) is positively sloped. D) is consistent with the natural rate of unemployment.
We will generally observe that the more open an economy
A) the larger the effect of fiscal policy on output and the larger the effect of fiscal policy on the trade position. B) the larger the effect of fiscal policy on output and the smaller the effect of fiscal policy on the trade position. C) the smaller the effect of fiscal policy on output and the larger the effect of fiscal policy on the trade position. D) the smaller the effect of fiscal policy on output and the smaller the effect of fiscal policy on the trade position.