Diminishing marginal utility means that as you consume more of a good, other things constant, the:
a. total satisfaction you obtain from consuming this good falls.
b. total amount produced falls.
c. marginal product falls.
d. additional satisfaction you obtain from each additional unit of the good falls.
e. total satisfaction you obtain from each extra good becomes constant.
d
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Based on the model of the money market, when real GDP increases, the equilibrium interest rate should
A) stay the same. B) increase. C) decrease. D) increase to the same extent that the supply of money increases.
Economists estimate that decreasing barriers to migration by just 5 percent will:
A. increase economic welfare of sending countries by trillions of dollars. B. decrease economic welfare of the countries that would lose their citizens to richer countries by trillions of dollars. C. decrease economic welfare of receiving countries by more than 5 percent. D. increase economic welfare by more than lifting restrictions on capital mobility in their entirety.