If a chef and her equipment transform $50 worth of raw foodstuff into a meal with a total value of $150, the resulting output would be
A. measured as the $150 total value.
B. measured as the $100 of value added.
C. referred to as an intermediate product.
D. measured as $200 of value added.
Answer: B
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Marginal factor cost is computed as
A) total cost of the resource/total amount of the resource being used. B) change in the total cost of the resource/total amount of the resource being used. C) total cost of the resource/change in the amount of the resource being used. D) change in the total cost of the resource/change in the amount of the resource being used.
If the money demand curve shifts rightward, the AD curve also shifts rightward
a. True b. False
The percentage rate of change in the price level is called the:
A. chain-weighted price index. B. Consumer Price Index. C. rate of inflation. D. rate of absorption.
For most people, the problems of inflation are caused by the fact that
A. the inflation rate causes the purchasing power of money to increase. B. all prices change so there is no way to protect themselves against the decline in their wealth. C. the inflation is anticipated. D. the inflation is unanticipated.