Economist David Friedman Pointed Out That

question 91

Multiple Choice

Economist David Friedman pointed out that

• A)the endowment effect is not limited to humans.
• B)the law of diminishing marginal utility does not hold for money.
• C)the diamond-water paradox would not exist if water was scarce and diamonds were plentiful.
• D)the government should provide the necessities of life for free.

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Definitions:

Air Travel

The act of traveling from one place to another via an aircraft.

Minimum Value

The lowest possible amount, price, or level that something can reach.

National Defense

Government efforts, strategies, and structures to protect a country against external threats or military aggression.

Federal Spending

The total expenditure of the federal government, including spending on defense, welfare, infrastructure, and other public services.