Exchange rate refers to the quantity of one good exchanged for a unit of another good
Indicate whether the statement is true or false
false
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Suppose a firm uses land, labor, and capital for its production process. If it is renting the equilibrium quantity of all three factors of production, then which of the following conditions will hold?
A) Marginal product from the last dollar spent on land = Marginal product from last dollar spent on labor > Marginal product from the last dollar spent on capital B) Marginal product from the last dollar spent on land > Marginal product from last dollar spent on labor > Marginal product from the last dollar spent on capital C) Marginal product from the last dollar spent on land > Marginal product from last dollar spent on labor = Marginal product from the last dollar spent on capital D) Marginal product from the last dollar spent on land = Marginal product from last dollar spent on labor = Marginal product from the last dollar spent on capital
The largest liability on the balance sheet of most banks is its
A) holdings of securities. B) loans. C) checking account and savings account deposits of its customers. D) deposits with the Federal Reserve. E) vault cash.
Equilibrium GDP is reached when
a. aggregate expenditure exceeds GDP b. aggregate expenditure is less than GDP c. aggregate expenditure equals the level of output d. the level of output is greater than aggregate expenditure e. the level of output is less than aggregate expenditure
What is used to illustrate an independent relationship between two variables?
a. A horizontal or vertical line b. An upward-sloping curve c. A downward-sloping curve d. A hill-shaped curve