Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?
Economics is often described as a science because it
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
No. of oranges Consumed |
Total Utility | Average Utility |
Marginal Utility |
1 | 9 | 9 | - |
2 | 16 | 8 | x |
3 | 24 | 8 | 6 |
4 | 30 | 7.5 | 4 |
5 | 34 | 6.8 | y |
6 | 36 | 6 | 2 |
7 | 36 | 5.1 | 0 |
Which of the following is NOT one of the characteristics of developing countries?
Which of the following is a non-renewable natural resources?