A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes?
A) marginal costs
B) pure profit
C) net benefit
D) marginal revenue
E) gross earnings
D
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During hyperinflation, exploding inflation causes real money demand to
A) fall over time, and this additional monetary change makes money prices rise even more quickly than the money supply itself rises. B) increase over time, and this additional monetary change makes money prices rise even more quickly than the money supply itself rises. C) fall over time, and this additional monetary change makes money prices decrease even more quickly than the money supply itself rises. D) increase over time, and this additional monetary change makes money prices decrease even more quickly than the money supply itself rises. E) fall over time, and this additional monetary change makes money prices decrease even less quickly than the money supply itself rises.
The rate of output at which the price level has no tendency to rise or fall is called the
A) natural rate of output. B) potential level of income. C) bliss point. D) efficient level of output.
The short-run aggregate supply curve is horizontal if
A. there are unutilized resources in the economy. B. there are high inflation rates. C. resources are perfectly adaptable between production processes. D. resources were fully utilized.
Production Possibility Schedules for Two South Pacific Island NationsKiribatiTuvaluMangoesCoconutsMangoesCoconuts30001,20002004008001,2001008004002,40001,20003,600In Tuvalu, the opportunity cost of producing one coconut (in terms of mangoes) is:
A. 3. B. 0. C. 1/3. D. 400.