The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the second unit of the resource is
A. $54.
B. $36.
C. $18.
D. $126.
Answer: A
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Some environmentalists argue that the scarcity of physical resources such as fuel means that
A. we should keep our homes cooler in the winter. B. we should keep our homes warmer in the summer. C. we should live closer to our jobs to conserve fuel. D. All of these responses are true.
In a perfectly competitive market, the market supply curve is the sum of the
A) supply curves of all the individual firms. B) average variable cost curves of all the individual firms. C) average total cost curves of all the individual firms. D) average fixed cost curves of all the individual firms.
What role do well-functioning financial markets play in a market economy?
What will be an ideal response?
Assume that the central bank purchases government securities in the open market. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and reserve-related (central bank) transactions in the context of the Three-Sector-Model?
a. The real risk-free interest rate falls, and reserve-related (central bank) transactions remain the same. b. The real risk-free interest rate falls, and reserve-related (central bank) transactions become more negative (or less positive). c. The real risk-free interest rate rises, and reserve-related (central bank) transactions remain the same. d. There is not enough information to determine what happens to these two macroeconomic variables. e. The real risk-free interest rate rises, and reserve-related (central bank) transactions become more positive (or less negative).