Households do all of the following except:
A. supply labor services to the government in the factor market.
B. receive income that is redistributed by the government.
C. demand goods and services from businesses in the goods market.
D. demand labor services from businesses in the factor market.
Answer: D
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If marginal utility is positive but diminishing, as more units of a good are consumed, then the total utility from the good must be
A) falling. B) positive and rising at an increasing rate. C) positive and rising at a decreasing rate. D) positive and rising at any rate.
Suppose that a study is released stating that the fewer books people read, the more velvet paintings they tend to own. This is best described as an example of
A. positive correlation. B. negative correlation. C. positive causation. D. negative causation.